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ECGI RESEARCH
27 April 2015  

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See the latest research from the ECGI published in the ECGI Finance Working Paper series
Mon, 13 Apr 2015 11:18 GMT  
ECGI Finance Working Paper 448/2015

by
Vladimir Atanasov, College of William and Mary Bernard Black, Northwestern University and ECGI

Submitted by
Bernard Black
Keywords:
causal inference, shock-based research design, natural experiments, legal shock, difference-in-differences, regression discontinuity, instrumental variables, event study, covariate balance

We study shock-based methods for credible causal inference in corporate finance research. We focus on corporate governance research, survey 13,461 papers published between 2001 and 2011 in 22 major accounting, economics, finance, law, and management journals; and identify 863 empirical studies in which corporate governance is associated with firm value or other characteristics. We classify the methods used in these studies and assess whether they support a causal link between corporate governance and firm value or another outcome. Only a small minority have convincing causal inference strategies. The convincing strategies largely rely on external shocks usually from legal rules to generate natural experiments. We examine the 75 shock-based papers and provide a guide to shock-based research design, which stresses the common features across different designs and the value of using combined designs.


to view details and download this Working Paper from the SSRN website

All ECGI Working Papers in the Law and Finance series are available on the ECGI website at www.ecgi.org/wp
See the latest research from the ECGI published in the ECGI Law Working Paper series
Mon, 30 Mar 2015 12:30 GMT  
ECGI Law Working Paper 288/2015

by
Marco Ventoruzzo, Bocconi University, Pennsylvania State University, Paolo Baffi Center on Financial Markets Regulation, Max Planck Institute on Procedural, European and Regulatory Law and ECGI

Submitted by
Marco Ventoruzzo
Keywords:
Regulatory competition, one-share, one-vote, controlling shareholders, institutional investors, multiple voting shares, loyalty shares, dual class structures, control enhancing devices

In 2014, the Italian Government broke an old taboo of Italian corporate law, joining the ranks of many different legal systems that allow the issuance of multiple voting shares (MVSs), including the United States. The importance of the reform is therefore broad, also because it offers the occasion to review, more generally, the state of the debate on MVSs. The new rules are also interesting because they are both a cause and a consequence of regulatory competition in Europe, and can be considered an example of the recent trend toward greater flexibility and contractual freedom in corporate law. This article examines the new rules in a comparative perspective, considering similar experiences in Europe and the US, and discussing the empirical evidence on the effects of MVSs, especially in listed corporations. The second part of the paper illustrates some interpretative issues raised by the new Italian rules, and the possible motivations of the Italian legislature in taking this step also vis-a-vis the planned privatization of some large state-owned enterprises.


to view details and download this Working Paper from the SSRN website

All ECGI Working Papers in the Law and Finance series are available on the ECGI website at www.ecgi.org/wp