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Working Paper Series in Finance

To date, there are 285 titles in this series


Title	Foreign Investor Activism in Japan: The First Ten Years
Author(s)	Yasushi Hamao, University of Southern California, Kenji Kutsuna, Kobe University, Pedro Matos, University of Southern California
Date	June 2010
Serial No	Finance Working Paper No. 290/2010
Keywords	Corporate governance, shareholder activism, hedge funds, Japan
Abstract	From the SSRN website
Download	From the SSRN website


Title	Market Freedom and the Global Recession
Author(s)	Domenico Giannone, Universite Libre de Bruxelles and CEPR, Michele Lenza, European Central Bank, Lucrezia Reichlin, London Business School and CEPR
Date	May 2010
Serial No	Finance Working Paper No. 288/2010
Keywords	Market freedom, Recession, Financial Crisis
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Wages of Failure: Executive Compensation at Bear Stearns and Lehman 2000-2008
Author(s)	Lucian Bebchuk, Harvard Law School, NBER and ECGI, Alma Cohen, Tel-Aviv University, Harvard Law School and NBER, Holger Spamann, Harvard Law School
Date	June 2010
Serial No	Finance Working Paper No. 287/2010
Keywords	Lehman Brothers, Bear Stearns, the financial crisis, banks, executive compensation, risk-taking, compensation structures, bonus compensation, stock options, restricted shares, moral hazard.
Abstract	From the SSRN website
Download	From the SSRN website
Comment	Presented at the EU Presidency Conference 'The Governance and Regulation of Financial Institutions: Lessons from the Crisis' in Madrid 16th June 2010


Title	Host’s Dilemma: Rethinking EU Banking Regulation in Light of the Global Crisis
Author(s)	Katharina Pistor, Columbia Law School and ECGI
Date	June 2010
Serial No	Finance Working Paper No. 286/2010
Keywords	EU banking regulation, financial crisis, transnational regulation, effect-based regulation, systemic risk, home-host country regulation
Abstract	From the SSRN website
Download	From the SSRN website


Title	Yesterday’s Heroes: Compensation and Creative Risk-Taking
Author(s)	Ing-Haw Cheng, University of Michigan (Ross), Harrison Hong, Princeton University and NBER, Jose Scheinkman, Princeton University and NBER
Date	June 2010
Serial No	Finance Working Paper No. 285/2010
Keywords	financial crisis, executive compensation
Abstract	From the SSRN website
Download	From the SSRN website


Title	How do Executives Exercise Their Stock Options?
Author(s)	Daniel Klein, University of Mannheim, Ernst Maug, University of Mannheim and ECGI.
Date	May 2010
Serial No	Finance Working Paper No. 284/2010
Keywords	Stock options, early exercise decisions, executive compensation
Abstract	From the SSRN website
Download	From the SSRN website


Title	Hedge Fund Activism in Europe
Author(s)	Marco Becht, ECARES, Université Libre de Bruxelles, CEPR and ECGI, Julian Franks, London Business School, CEPR and ECGI, Jeremy Grant, University of Cambridge
Date	May 2010
Serial No	Finance Working Paper No. 283/2010
Keywords	Shareholder activism, hedge funds, active ownership, institutional investors
Abstract	From the SSRN website
Download	From the SSRN website


Title	Does the Stock Market Harm Investment Incentives?
Author(s)	John Asker, New York University, Joan Farre-Mensa, New York University, Alexander Ljungqvist, New York University, CEPR and ECGI
Date	May 2010
Serial No	Finance Working Paper No. 282/2010
Keywords	Corporate investment, Short-termism, Empire building, Managerial incentives, Agency problems, Private companies, IPOs.
Abstract	From the SSRN website
Download	From the SSRN website


Title	The dark side of outside directors: Do they quit when they are most needed?
Author(s)	Rüdiger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne, Angie Low, Nanyang Technological University, René Stulz, Ohio State University, NBER and ECGI
Date	April 2010
Serial No	Finance Working Paper No. 281/2010
Keywords	Director departures; reputational concerns; director monitoring
Abstract	From the SSRN website
Download	From the SSRN website


Title	VC Board Representation and IPO Performance
Author(s)	Salim Chahine, American University in Beirut, Marc Goergen, Cardiff University and ECGI
Date	April 2010
Serial No	Finance Working Paper No. 280/2010
Keywords	Underpricing, IPO premium, venture capital, voting power, board membership, chief executive officers
Abstract	From the SSRN website
Download	From the SSRN website


Title	Incentives to Innovate and the Decision to Go Public or Private
Author(s)	Daniel Ferreira, London School of Economics, CEPR and ECGI, Gustavo Manso, MIT Sloan School of Management, André Silva, Universidade Nova de Lisboa, Faculdade de Economia
Date	April 2010
Serial No	Finance Working Paper No. 279/2010
Keywords	innovation, private equity, going public
Abstract	From the SSRN website
Download	From the SSRN website


Title	Comply or explain? Investor protection through Corporate Governance Codes
Author(s)	Marcello Bianchi, CONSOB, Angela Ciavarella, CONSOB, Valerio Novembre, CONSOB, Rossella Signoretti, CONSOB.
Date	March 2010
Serial No	Finance Working Paper No. 278/2010
Keywords	Self regulation, Related Party Transactions, Compliance Governance indicator.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Avoiding Eight-Alarm Fires in the Political Economy of Systemic Risk Management
Author(s)	Jeffrey Gordon, Columbia Law School and ECGI, Christopher Muller, Columbia Law School.
Date	March 2010
Serial No	Finance Working Paper No. 277/2010
Keywords	Financial Crisis, Bank Regulation, Emergency Authority, Financial Innovation, Federal Reserve, Credit Default Swap, Lehman Brothers
Abstract	From the SSRN website
Download	From the SSRN website


Title	Shareholders and Stakeholders: How do Directors Decide?
Author(s)	Renée Adams, University of Queensland and ECGI, Amir Licht, Radzyner School of Law and ECGI, Lilach Sagiv, Hebrew University of Jerusalem
Date	March 2010
Serial No	Finance Working Paper No. 276/2010
Keywords	Corporate governance, shareholderism, stakeholders, values
Abstract	From the SSRN website
Download	From the SSRN website


Title	Shareholder Activism through the Proxy Process
Author(s)	Luc Renneboog, Tilburg University and ECGI, Peter Szilagyi University of Cambridge.
Date	March 2010
Serial No	Finance Working Paper No. 275/2010
Keywords	Shareholder activism, shareholder proposals, corporate governance, sample selection.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Equity Cross-Listings in the U.S. and the Price of Debt
Author(s)	Ryan Ball, University of Chicago, Luzi Hail, University of Pennsylvania and ECGI, Florin Vasvari, London Business School.
Date	January 2010
Serial No	Finance Working Paper No. 274/2010
Keywords	Corporate Governance, Bonding hypothesis, Debt financing, Disclosure, Law and finance, International finance
Abstract	From the SSRN website
Download	From the SSRN website


Title	Beyond the Glass Ceiling: Does Gender Matter?
Author(s)	Renée Adams, University of Queensland and ECGI, Patricia Funk, Universitat Pompeu Fabra
Date	January 2010
Serial No	Finance Working Paper No. 273/2010
Keywords	Female Directors, Directors, Gender, Boards, Values, Risk
Abstract	From the SSRN website
Download	From the SSRN website


Title	Who Gets the Carrot and Who Gets the Stick? Evidence of Gender Disparities in Executive Remuneration
Author(s)	Clara Kulich, University of Exeter, Grzegorz Trojanowski, University of Exeter Business School, Michelle Ryan, University of Exeter, Alexander Haslam, University of Exeter, Luc Renneboog, Tilburg University and ECGI
Date	January 2010
Serial No	Finance Working Paper No. 272/2010
Keywords	Executive Compensation, Gender Pay Gap, Gender Stereotypes, Implicit Leadership Theories, Corporate Performance, Romance of Leadership
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Forthcoming in Strategic Management Journal


Title	Monitoring Managers: Does it Matter?
Author(s)	Francesca Cornelli, London Business School and CEPR, Zbigniew Kominek, European Bank for Reconstruction and Development (EBRD), Alexander Ljungqvist, New York University, ECGI and CEPR
Date	January 2010
Serial No	Finance Working Paper No. 271/2010
Keywords	Corporate governance, large shareholders, boards of directors, CEO turnover, legal reforms, transition economies, private equity
Abstract	From the SSRN website
Download	From the SSRN website


Title	Stabilization Activity in Italian IPOs
Author(s)	Dmitri Boreiko, Free University of Bolzano and CRELE, Stefano Lombardo, Free University of Bolzano, CRELE and ECGI.
Date	November 2009
Serial No	Finance Working Paper No. 270/2009
Keywords	Law and finance, IPOs, underpricing, stabilisation, greenshoe option, overallotment facility, short covering, pure stabilization.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Family Firms and Investments
Author(s)	Magda Bianco, Bank of Italy and ECGI, Roberto Golinelli, University of Bologna, Giuseppe Parigi, Bank of Italy.
Date	December 2009
Serial No	Finance Working Paper No. 269/2009
Keywords	Family firms, investments, uncertainty, risk aversion, capital irreversibility
Abstract	From the SSRN website
Download	From the SSRN website


Title	Leverage and Value Creation in Holding-Subsidiary Structures
Author(s)	Elisa Luciano, Università di Torino, Collegio Carlo Alberto and ICER, Giovanna Nicodano, Università di Torino, Collegio Carlo Alberto and ECGI.
Date	December 2009
Serial No	Finance Working Paper No. 268/2009
Keywords	holding, subsidiary, groups, guarantees, debt, taxes, bankruptcy costs, limited liability, capital structure
Abstract	From the SSRN website
Download	From the SSRN website


Title	Does Governance Travel Around the World? Evidence from Institutional Investors
Author(s)	Reena Aggarwal, Georgetown University, Isil Erel, Ohio State University, Miguel Ferreira, Universidade Nova de Lisboa and ECGI, Pedro Matos, University of Southern California
Date	January 2010
Serial No	Finance Working Paper No. 267/2010
Keywords	Institutional Investors, Corporate Governance, Shareholder Activism
Abstract	From the SSRN website
Download	From the SSRN website


Title	Did Fair-Value Accounting Contribute to the Financial Crisis?
Author(s)	Christian Laux, Goethe University Frankfurt and ECGI, Christian Leuz, University of Chicago, NBER and ECGI.
Date	December 2009
Serial No	Finance Working Paper No. 266/2009
Keywords	Mark-to-market accounting, Financial institutions, Liquidity, Financial crisis, Banks, Financial regulation, Procyclicality, Contagion.
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Forthcoming in the Journal of Economic Perspectives 2010


Title	Venture Capital Reputation, Post-IPO Performance and Corporate Governance
Author(s)	C.N.V. Krishnan, Case Western Reserve University, Ronald Masulis, Vanderbilt University and ECGI, Vladimir Ivanov, University of Kansas, Ajai Singh, Case Western Reserve University
Date	December 2009
Serial No	Finance Working Paper No. 265/2009
Keywords	Venture capital, Reputation, Initial Public Offerings, Post-IPO long-run performance, Post-IPO VC shareholdings and directorships, corporate governance.
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Forthcoming, Journal of Financial and Quantitative Analysis


Title	Credit Default Swaps and the Credit Crisis
Author(s)	René Stulz, Ohio State University, NBER and ECGI
Date	December 2009
Serial No	Finance Working Paper No. 264/2009
Keywords	Credit default swap, credit crisis, over-the-counter market.
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Evolution of Aggregate Stock Ownership - A Unified Explanation
Author(s)	Kristian Rydqvist, Binghamton University, CEPR and ECGI, Joshua Spizman, Binghamton University, Ilya Strebulaev, Stanford University
Date	September 2009
Serial No	Finance Working Paper No. 263/2009
Keywords	Capital gains tax, income tax, stock ownership, inflation, bracket creep, pension funds
Abstract	From the SSRN website
Download	From the SSRN website


Title	Empowering the ECB to Supervise Banks: A Choice-Based Approach
Author(s)	Gerard Hertig, ETH Zurich and ECGI, Ruben Lee, Oxford Finance Group, Joseph McCahery, University of Amsterdam, Tilburg University and ECGI
Date	August 2009
Serial No	Finance Working Paper No. 262/2009
Keywords	Banking supervision, European Central Bank, European integration, harmonization, legal options, prudential supervision, opt-in, supervisory colleges.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Leverage in Pyramids: When Debt Leads To Higher Dividends
Author(s)	Abe de Jong, Erasmus University, Douglas V. DeJong, University of Iowa, Ulrich Hege, HEC Paris and ECGI, Gerard Mertens, Erasmus University
Date	September 2009
Serial No	Finance Working Paper No. 261/2009
Keywords	pyramids, payout policy, leverage, ownership structure, control wedge, disproportionality of control and cash flow rights
Abstract	From the SSRN website
Download	From the SSRN website


Title	On the Real Effects of Bank Bailouts: Micro-Evidence from Japan
Author(s)	Mariassunta Giannetti, Stockholm School of Economics, CEPR and ECGI, Andrei Simonov, Michigan State University, CEPR.
Date	October 2005
Serial No	Finance Working Paper No. 260/2009
Keywords	Recapitalization, merger, banking crisis
Abstract	From the SSRN website
Download	From the SSRN website


Title	Disentangling the Link Between Stock and Accounting Performance in Acquisitions
Author(s)	André Betzer, University of Bonn, Marc Goergen, Cardiff Business School and ECGI, Daniel Metzger, London School of Economics
Date	July 2009
Serial No	Finance Working Paper No. 259/2009
Keywords	Mergers and acquisitions, performance measurement, synergies, preemption, overvaluation, corporate governance, agency problems.
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Deep-Pocket Effect of Internal Capital Markets
Author(s)	Xavier Boutin, CREST(LEI) and European Commission, Giacinta Cestone, Queen Mary University of London, CSEF and ECGI, Chiara Fumagalli, Bocconi University, CSEF and CEPR, Giovanni Pica, Università di Salerno and CSEF, Nicolas Serrano-Velarde, Saïd Business School
Date	August 2009
Serial No	Finance Working Paper No. 258/2009
Keywords	Business Groups, Cash Holdings, Internal Capital Markets, Deep-Pockets, Market Entry.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Underpricing and CEO Stock Options: Do Board Characteristics Matter?
Author(s)	Salim Chahine, American University in Beirut, Marc Goergen, Cardiff University and ECGI
Date	August 2009
Serial No	Finance Working Paper No. 257/2009
Keywords	stock options, board independence, venture capital involvement, CEO power, initial public offerings, underpricing, conflicts of interest, corporate governance.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Bank CEO Incentives and the Credit Crisis
Author(s)	Rüdiger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne, René Stulz, Ohio State University, NBER and ECGI
Date	July 2009
Serial No	Finance Working Paper No. 256/2009
Keywords	Financial crisis, CEO compensation, insider trading
Abstract	From the SSRN website
Download	From the SSRN website
Comment	Presented at the EU Presidency Conference 'The Governance and Regulation of Financial Institutions: Lessons from the Crisis' in Madrid 16th June 2010


Title	The Pay Divide: (Why) Are U.S. Top Executives Paid More?
Author(s)	Nuno Fernandes, IMD International and ECGI, Miguel Ferreira, Universidade Nova de Lisboa and ECGI, Pedro Matos, University of Southern California, Kevin Murphy, University of Southern California
Date	August 2009
Serial No	Finance Working Paper No. 255/2009
Keywords	Executive pay, International pay differences, Corporate governance
Abstract	From the SSRN website
Download	From the SSRN website


Title	Why Did Some Banks Perform Better during the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation
Author(s)	Andrea Beltratti, Bocconi University, René Stulz, The Ohio State University, NBER, and ECGI
Date	July 2009
Serial No	Finance Working Paper No. 254/2009
Keywords	Banking Financial Institutions, Corporate Finance, Capital Structure and Payout Policies, Coporate Finanace, Governance, Corporate Control and Corganization, Risk Management, International Finance, Monetary Economics, Corporate law, law and Finance, Regulation of financial institutions.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Does Private Equity Create Wealth?
Author(s)	Ronald Masulis, Owen Graduate School of Management, Vanderbilt University, Randall Thomas, Vanderbilt Law School, Vanderbilt University
Date	August 2008
Serial No	Finance Working Paper No. 253/2008
Keywords	private equity, corporate governance, contracts, trading, public corporations, subprime
Abstract	From the SSRN website
Download	From the SSRN website


Title	Shareholder Activism through Proxy Proposals: The European Perspective
Author(s)	Peter Cziraki, Tilburg University, Luc Renneboog, Tilburg University and ECGI, Peter Szilagyi, Judge Business School – University of Cambridge
Date	June 2009
Serial No	Finance Working Paper No. 252/2009
Keywords	Shareholder activism, shareholder proposals, corporate governance, sample selection.
Abstract	From the SSRN website
Download	From the SSRN website


Title	When are Analyst Recommendation Changes Influential?
Author(s)	Roger Loh, Singapore Management University, René Stulz, Ohio State University and ECGI
Date	May 2009
Serial No	Finance Working Paper No. 251/2009
Keywords	Paradigm shift, security analysts, stock recommendations
Abstract	From the SSRN website
Download	From the SSRN website


Title	Where Angels Fear to Trade: The Role of Religion in Household Finance
Author(s)	Luc Renneboog, Tilburg University and ECGI, Christophe Spaenjers, Tilburg University
Date	June 2009
Serial No	Finance Working Paper No. 250/2009
Keywords	Economic attitudes, culture, religion, household finance, portfolio choice, trust.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Corporate Governance in the Recent Financial Crisis: Evidence from Financial Institutions Worldwide
Author(s)	David Erkens, University of Southern California, Mingyi Hung, University of Southern California, Pedro Matos, University of Southern California
Date	August 2009
Serial No	Finance Working Paper No. 249/2009
Keywords	corporate governance, credit crisis, global financial institutions
Abstract	From the SSRN website
Download	From the SSRN website


Title	Governance and the Financial Crisis
Author(s)	Renée Adams, University of Queensland and ECGI.
Date	April 2009
Serial No	Finance Working Paper No. 248/2009
Keywords	Financial crisis, boards, executive compensation, financial firms.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany
Author(s)	Harald Hau, INSEAD & CEPR, Marcel Thum, TU Dresden, Ifo Dresden and CESifo
Date	April 2009
Serial No	Finance Working Paper No. 247/2009
Keywords	Governance, Supervisory Boards, Banking, Financial Crisis
Abstract	From the SSRN website
Download	From the SSRN website
	Winner of the 2010 Standard Life Investments Finance Prize (Best paper in the Finance Working Paper series)
Comment	Paper Prepared for the 49th Panel Meeting of Economic Policy in Brussels


Title	Why do foreign firms have less idiosyncratic risk than U.S. firms?
Author(s)	Söhnke Bartram, Lancaster University and SSgA, Gregory Brown, The University of North Carolina at Chapel Hill, René Stulz, The Ohio State University, NBER and ECGI
Date	May 2009
Serial No	Finance Working Paper No. 246/2009
Keywords	idiosyncratic risk, stock market, bond market, corporate disclosure, shareholder protection, rule of law, government stability
Abstract	From the SSRN website
Download	From the SSRN website


Title	Long Term Changes in Voting Power and Control Structure following the Unification of Dual Class Shares
Author(s)	Beni Lauterbach, Bar-Ilan University, Yishay Yafeh, The Hebrew University, CEPR and ECGI
Date	May 2009
Serial No	Finance Working Paper No. 245/2009
Keywords	Dual class shares, corporate governance
Abstract	From the SSRN website
Download	From the SSRN website


Title	Why do foreign firms leave U.S. equity markets?
Author(s)	Craig Doidge, University of Toronto, Andrew Karolyi, The Ohio State University, René Stulz, The Ohio State University, NBER and ECGI
Date	May 2009
Serial No	Finance Working Paper No. 244/2009
Keywords	Corporate governance, SOX, deregistration, Exchange Act Rule, bonding theory, loss of competitiveness theory
Abstract	From the SSRN website
Download	From the SSRN website


Title	Asking Directors about their Dual Roles
Author(s)	Renée Adams, University of Queensland and ECGI
Date	May 2009
Serial No	Finance Working Paper No. 243/2009
Keywords	Board of Directors, Board Effectiveness, Advice, Monitoring, Information, Survey Data.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Does It Pay to Go Global in the Boardroom? The Effect of Foreign Directors on Corporate Governance and Performance
Author(s)	Ronald Masulis, Vanderbilt University and ECGI, Cong Wang, Chinese University of Hong Kong, Fei Xie, George Mason University.
Date	November 2009
Serial No	Finance Working Paper No. 242/2009
Keywords	Corporate governance, boards of directors, foreign directors.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Are All Inside Directors the Same? Do They Entrench CEOs or Facilitate More Informed Board Decisions?
Author(s)	Ronald Masulis, Vanderbilt University and ECGI, Shawn Mobbs, University of Alabama
Date	May 2009
Serial No	Finance Working Paper No. 241/2009
Keywords	board of directors, inside directors, independent directors, corporate governance, manager entrenchment.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Family Business Groups around the World: Costs and Benefits of Pyramids
Author(s)	Ronald Masulis, Vanderbilt University and ECGI, Peter Kien Pham, University of New South Wales, Jason Zein, University of New South Wales.
Date	May 2009
Serial No	Finance Working Paper No. 240/2009
Keywords	Business groups, firm value, ownership structure
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Internal Governance of Firms
Author(s)	Viral Acharya, LBS, NYU, CEPR, NBER and ECGI, Stewart Myers, MIT, NBER and ECGI, Raghuram Rajan, GSB Chicago, NBER and ECGI.
Date	May 2009
Serial No	Finance Working Paper No. 239/2009
Keywords	Agency theory, short-termism, corporate governance, dividends, internal orga-nization
Abstract	From the SSRN website
Download	From the SSRN website


Title	Sovereign Wealth Funds: Investment Choices and Implications around the World
Author(s)	Nuno Fernandes, IMD International and ECGI.
Date	February 2009
Serial No	Finance Working Paper No. 238/2009
Keywords	Sovereign Wealth Funds, International Capital Markets, Investment Choices, Institutional Investors.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Corporate Fraud, Governance and Auditing
Author(s)	Marco Pagano, Università di Napoli Federico II, CSEF, EIEF, CEPR and ECGI, Giovanni Immordino, Università di Salerno and CSEF.
Date	November 2008
Serial No	Finance Working Paper No. 237/2009
Keywords	Accounting fraud, auditing, managerial compensation, corporate governance, regulation.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Do target CEOs sell out their shareholders to keep their job in a merger?
Author(s)	Leonce Bargeron, University of Pittsburgh, Frederik Schlingemann, University of Pittsburgh, René Stulz, The Ohio State University, NBER and ECGI, Chad Zutter, University of Pittsburgh
Date	January 2009
Serial No	Finance Working Paper No. 236/2009
Keywords	Private equity acquisitions, CEO retention, acquisition premiums, management buyouts, mergers.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
Author(s)	Joseph McCahery, University of Amsterdam, Tilburg University and ECGI, Zacharias Sautner, University of Amsterdam, Laura Starks, University of Texas at Austin
Date	February 2009
Serial No	Finance Working Paper No. 235/2009
Keywords	Institutional Investors, Corporate Governance, Shareholder Activism
Abstract	From the SSRN website
Download	From the SSRN website


Title	Private Enforcement of Corporate Law: An Empirical Comparison of the UK and US
Author(s)	John Armour, Faculty of Law and Oxford-Man Institute for Quantitative Finance, Oxford University and ECGI, Bernard Black, School of Law and McCombs School of Business, University of Texas at Austin and ECGI, Brian Cheffins, Cambridge University Faculty of Law and ECGI, Richard Nolan, Cambridge University Faculty of Law
Date	February 2009
Serial No	Finance Working Paper No. 234/2009
Keywords	Private enforcement, corporate law, derivative actions, public enforcement, comparative corporate law
Abstract	From the SSRN website
Download	From the SSRN website


Title	Private Equity vs PLC Boards in the U.K.: A Comparison of Practices and Effectiveness
Author(s)	Viral Acharya, London Business School, Conor Kehoe, McKinsey & Company, Inc. Michael Reyner, MWM Consulting.
Date	August 2008
Serial No	Finance Working Paper No. 233/2009
Keywords	Corporate governance, leveraged buyouts (LBO), management buyouts (MBO), active ownership
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Forthcoming in the Journal of Applied Corporate Finance


Title	Corporate Governance and Value Creation: Evidence from Private Equity
Author(s)	Viral Acharya London Business School, NYU-Stern, CEPR and ECGI, Moritz Hahn, Ludwig Maximilians University Munich and Conor Kehoe,McKinsey & Company, Inc.
Date	January 2009
Serial No	Finance Working Paper No. 232/2009
Keywords	Leveraged buyouts (LBO), management buyouts (MBO), active ownership, activism, management turnover, alpha
Abstract	From the SSRN website
Download	From the SSRN website


Title	Bank Reputation in the Private Debt Market
Author(s)	Joseph McCahery, University of Amsterdam, Tilburg University and ECGI, Armin Schwienbacher, University of Amsterdam and Université catholique de Louvain
Date	February 2009
Serial No	Finance Working Paper No. 231/2009
Keywords	private debt, syndicated loans, bank reputation, covenants, syndication, certification
Abstract	From the SSRN website
Download	From the SSRN website


Title	Firm Age and Performance
Author(s)	Claudio Loderer, University of Bern and ECGI, Urs Waelchli, University of Bern
Date	February 2009
Serial No	Finance Working Paper No. 230/2009
Keywords	Firm age, organizational rigidities, firm life cycle, corporate governance, firm performance
Abstract	From the SSRN website
Download	From the SSRN website


Title	Information Salience, Investor Sentiment, and Stock Returns: the Case of British Soccer Betting
Author(s)	Frederic Palomino, EDHEC Business School, Luc Renneboog, Tilburg University and ECGI, Chendi Zhang, Warwick Business School.
Date	December 2008
Serial No	Finance Working Paper No. 229/2009
Keywords	Information salience, investor sentiment, investor attention, sports betting, soccer, football, economics of sports, market efﬁ ciency
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Forthcoming Journal of Corporate Finance


Title	The Role of Boards of Directors in Corporate Governance: A Conceptual Framework & Survey
Author(s)	Renée Adams, University of Queensland and ECGI, Benjamin Hermalin, University of California, Berkeley, Michael Weisbach, Ohio State University.
Date	November 2008
Serial No	Finance Working Paper No. 228/2009
Keywords	Endogenous governance, board of director selection and actions
Abstract	From the SSRN website
Download	From the SSRN website


Title	Why do shareholders value marriage?
Author(s)	Pramuan Bunkanwanicha, ESCP-EAP European School of Management, Joseph Fan, The Chinese University of Hong Kong, Yupana Wiwattanakantang, Hitotsubashi University
Date	November 2008
Serial No	Finance Working Paper No. 227/2008
Keywords	Marriage, networks, family business group, emerging markets
Abstract	From the SSRN website
Download	From the SSRN website


Title	Executive Promotions: Compensation, CEO Influence and Firm Valuation
Author(s)	Shawn Mobbs, University of Alabama, Charu Raheja, Wake Forest University
Date	November 2008
Serial No	Finance Working Paper No. 226/2009
Keywords	Succession, CEO turnover, organization structure, tournaments, CEO heir, compensation, firm performance
Abstract	From the SSRN website
Download	From the SSRN website


Title	Governance Through Exit and Voice: A Theory of Multiple Blockholders
Author(s)	Alex Edmans, University of Pennsylvania, Gustavo Manso, Massachusetts Institute of Technology
Date	November 2008
Serial No	Finance Working Paper No. 225/2008
Keywords	Multiple blockholders, corporate governance, market efficiency, exit, voice, free-rider problem, Wall Street Rule, voting with your feet
Abstract	From the SSRN website
Download	From the SSRN website


Title	Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans
Author(s)	Mariassunta Giannetti, Stockholm School of Economics, CEPR and ECGI Yishay Yafeh, The Hebrew University, CEPR and ECGI
Date	September 2008
Serial No	Finance Working Paper No. 224/2008
Keywords	Financial contracts, risk sharing, behavioral bias, culture
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Dutch Grey Market
Author(s)	Luc Renneboog, Tilburg University and ECGI, Christophe Spaenjers, Tilburg University
Date	October 2008
Serial No	Finance Working Paper No. 223/2008
Keywords	when-issued trading, stock splits, initial public offerings, market inefficiency
Abstract	From the SSRN website
Download	From the SSRN website


Title	Inheritance Law and Investment in Family Firms
Author(s)	Andrew Ellul, Kelley School of Business, Indiana University, Marco Pagano, University of Naples Federico II, CSEF, EIEF,CEPR and ECGI, Fausto Panunzi Bocconi University, IGIER, CEPR, FEEM and ECGI
Date	September 2008
Serial No	Finance Working Paper No. 222/2008
Keywords	succession, family firms, inheritance law, growth, investment
Abstract	From the SSRN website
Download	From the SSRN website


Title	“Lending by Example”: Direct and Indirect Effects of Foreign Banks in Emerging Markets
Author(s)	Mariassunta Giannetti, Stockholm School of Economics, CEPR, and ECGI, Steven Ongena CentER - Tilburg University and CEPR
Date	October 2005
Serial No	Finance Working Paper No. 221/2008
Keywords	foreign bank lending, emerging markets, competition, lending relationships.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Banks and Labor as Stakeholders: Impact on Economic Performance
Author(s)	Stijn Claessens, IMF, University of Amsterdam, CEPR and ECGI, Kenichi Ueda, IMF
Date	November 2008
Serial No	Finance Working Paper No. 220/2008
Keywords
Abstract	From the SSRN website
Download	From the SSRN website


Title	Corporate Governance, Product Market Competition, and Equity Prices
Author(s)	Xavier Giroud, New York University, Holger Mueller, New York University, CEPR and ECGI.
Date	August 2008
Serial No	Finance Working Paper No. 219/2008
Keywords	Corporate Governance, Product Market Competition, G-index
Abstract	From the SSRN website
Download	From the SSRN website
	Winner of the 2009 Standard Life Investments Finance Prize (Best paper in the Finance Working Paper series)


Title	Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization
Author(s)	René Stulz, The Ohio State University, NBER, and ECGI
Date	July 2008
Serial No	Finance Working Paper No. 217/2008
Keywords	securities laws, mandatory disclosure, agency costs, financial globalization, cross-listing.
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Dividend policy of German firms. A panel data analysis of partial adjustment models
Author(s)	Christian Andres, University of Bonn, André Betzer, University of Bonn, Marc Goergen Sheffield University Management School and ECGI, Luc Renneboog Tilburg University and ECGI.
Date	August 2008
Serial No	Finance Working Paper No. 216/2008
Keywords	Dividend policy, payout policy, target payout ratio, Lintner dividend model, dividend smoothing, partial adjustment model, corporate governance.
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Forthcoming in the Journal of Empirical Finance under the title of "German Dividends and the Lintner Model"


Title	What Determines the Financing Decision in Corporate Takeovers: Cost of Capital, Agency Problems, or the Means of Payment?
Author(s)	Marina Martynova, The University of Sheffield Management School and ECGI, Luc Renneboog, Tilburg University and ECGI
Date	October 2005
Serial No	Finance Working Paper No. 215/2008
Keywords	mergers and acquisitions, takeovers, means of payment, financing decision, cost of capital, agency problem, pecking order, corporate governance regulation, nested logit.
Abstract	From the SSRN website
Download	From the SSRN website


Title	On the Fortunes of Stock Exchanges and Their Reversals: Evidence from Foreign Listing Waves
Author(s)	Nuno Fernandes, Universidade Católica Portuguesa and ECGI, Mariassunta Giannetti, Stockholm School of Economics, CEPR and ECGI
Date	August 2008
Serial No	Finance Working Paper No. 214/2008
Keywords	Cross-listing waves, market timing, investor protection
Abstract	From the SSRN website
Download	From the SSRN website


Title	Corporate Stakeholders and Trust
Author(s)	Marc Goergen, University of Sheffield Management School and ECGI
Date	July 2008
Serial No	Finance Working Paper No. 213/2008
Keywords	Corporate governance, trust, investor protection, employment protection legislation, institutions and economic growth
Abstract	From the SSRN website
Download	From the SSRN website


Title	Does One Size Fit All? The Consequences of Switching Markets with Different Regulatory Standards
Author(s)	Tim Jenkinson, Said Business School, University of Oxford, CEPR and ECGI, Tarun Ramadorai, Said Business School, University of Oxford, Oxford-Man Institute and CEPR
Date	July 2008
Serial No	Finance Working Paper No. 212/2008
Keywords	stock markets, listing, regulation, switching
Abstract	From the SSRN website
Download	From the SSRN website


Title	Venture Capital Conflicts of Interest: Evidence from Acquisitions of Venture Backed Firms
Author(s)	Ronald Masulis, Vanderbilt University and ECGI, Rajarishi Nahata, City University of New York
Date	June 2008
Serial No	Finance Working Paper No. 211/2008
Keywords	Acquisitions, M&A, Venture Capital, Confl icts of Interest, Moral Hazard
Abstract	From the SSRN website
Download	From the SSRN website


Title	Strategic Alliances and Corporate Governance in Newly Public Firms: Evidence from Corporate Venture Capital
Author(s)	Vladimir Ivanov, University of Kansas, Ronald Masulis, Vanderbilt University and ECGI
Date	June 2008
Serial No	Finance Working Paper No. 210/2008
Keywords	Corporate governance, Strategic alliances, Corporate venture capital, IPOs
Abstract	From the SSRN website
Download	From the SSRN website


Title	Agency Problems at Dual-Class Companies
Author(s)	Ronald Masulis, Vanderbilt University and ECGI, Cong Wang, Chinese University of Hong Kong, Fei Xie George Mason University
Date	June 2008
Serial No	Finance Working Paper No. 209/2008
Keywords	Dual class shares, dual class stock, agency costs, conflicts of interest, voting rights and cash flow rights divergence, acquisitions, announcement effects, empire building, executive compensation, CEO compensation, value of cash holdings, capital expenditures
Abstract	From the SSRN website
Download	From the SSRN website


Title	Do UK institutional shareholders monitor their investee firms?
Author(s)	Marc Goergen, University of Sheffield Management School and ECGI, Luc Renneboog, Tilburg University and ECGI, Chendi Zhang, University of Sheffield Management School
Date	April 2008
Serial No	Finance Working Paper No. 208/2008
Keywords	Insider trading, institutional investor monitoring, shareholder activism, corporate governance, ownership and control
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Published as Goergen, M., Renneboog, L. and C. Zhang (2008), "Do UK Institutional Shareholders Monitor their Investee Firms?", Journal of Corporate Law Studies 8 (1), 39-56.


Title	Debt, Equity, and Hybrid Decoupling: Governance and Systemic Risk Implications
Author(s)	Henry Hu, University of Texas Law School, Bernard Black, University of Texas at Austin, McCombs School of Business and ECGI
Date	January 2008
Serial No	Finance Working Paper No. 207/2008
Keywords	Equity decoupling, debt decoupling, vote buying; equity swaps, credit default swaps
Abstract	From the SSRN website
Download	From the SSRN website


Title	An Overview of Brazilian Corporate Governance
Author(s)	Bernard Black, University of Texas at Austin, McCombs Business School and ECGI, Antonio Gledson de Carvalho, Fundacao Getulio Vargas School of Business at Sao Paulo, Érica Gorga, Cornell Law School and Fundacao Getulio Vargas Law School at Sao Paulo.
Date	January 2008
Serial No	Finance Working Paper No. 206/2008
Keywords	Brazil, corporate governance, boards of directors, minority shareholders
Abstract	From the SSRN website
Download	From the SSRN website


Title	Contractual Corporate Governance
Author(s)	Marc Goergen, University of Sheffield and ECGI, Luc Renneboog, Tilburg University and ECGI
Date	April 2008
Serial No	Finance Working Paper No. 205/2008
Keywords	Contractual corporate governance, corporate governance regulation, crossborder mergers and acquisitions, cross-listings, reincorporations, shareholder protection, creditor protection, spillover effects.
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Goergen, M. and L. Renneboog (2008), "Contractual Corporate Governance", Journal of Corporate Finance 14 (3), 166-182.


Title	Shareholderism: Board Members' Values and the Shareholder-Stakeholder Dilemma
Author(s)	Renée Adams, UQ Business School, University of Queensland and ECGI, Amir Licht, Radzyner School of Law, Interdisciplinary Center Herzliya, Israel and ECGI, Lilach Sagiv, School of Business Administration, Hebrew University of Jerusalem
Date	April 2008
Serial No	Finance Working Paper No. 204/2008
Keywords	corporate governance, stakeholders, corporate social responsibility, values
Abstract	From the SSRN website
Download	From the SSRN website


Title	Regulatory Pressure and Bank Directors' Incentives to Attend Board Meetings
Author(s)	Renée Adams, University of Queensland and ECGI, Daniel Ferreira, London School of Economics and ECGI
Date	April 2008
Serial No	Finance Working Paper No. 203/2008
Keywords	Bank directors, regulators, incentives, attendance, board meetings
Abstract	From the SSRN website
Download	From the SSRN website


Title	Quantifying private benefits of control from a structural model of block trades
Author(s)	Rui Albuquerque, Boston University and ECGI, Enrique Schroth, University of Amsterdam
Date	July 2009
Serial No	Finance Working Paper No. 202/2008
Keywords	Block pricing, block trades, control transactions, private benefits of control, structural estimation, deadweight loss
Abstract	From the SSRN website
Download	From the SSRN website
Comment	A previous version of the paper circulated under the title “Determinants of the Block Premium and of Private Benefits of Control”.
Elsewhere	Forthcoming in the Journal of Financial Economics.


Title	Information Sharing and Credit: Firm-Level Evidence from Transition Countries
Author(s)	Martin Brown, Swiss National Bank, Tullio Jappelli, University of Naples Federico II, CSEF, CEPR and ECGI, Marco Pagano, University of Naples Federico II, CSEF, EIEF, CEPR and ECGI
Date	April 2008
Serial No	Finance Working Paper No. 201/2008
Keywords	information sharing, credit access, transition countries.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Voluntary Corporate Environmental Initiatives and Shareholder Wealth
Author(s)	Karen Fisher-Vanden, Dartmouth College, Karin Thorburn, Dartmouth College and ECGI
Date	April 2008
Serial No	Finance Working Paper No. 200/2008
Keywords	Corporate social responsibility, environmentally responsible investing, climate change, greenhouse gas emissions, capital expenditures, shareholder wealth
Abstract	From the SSRN website
Download	From the SSRN website


Title	Markup pricing and short-term toeholds in takeovers
Author(s)	Sandra Betton, John Molson School of Business, Concordia University, Espen Eckbo, Tuck School of Business at Dartmouth and ECGI, Karin Thorburn, Tuck School of Business at Dartmouth and ECGI
Date	April 2008
Serial No	Finance Working Paper No. 199/2008
Keywords	Bidder returns, target runup, takeover, markup pricing, toehold bidding
Abstract	From the SSRN website
Download	From the SSRN website


Title	Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences
Author(s)	Holger Daske, University of Mannheim, Luzi Hail, University of Pennsylvania, Christian Leuz, University of Chicago and ECGI, Rodrigo Verdi, Massachusetts Institute of Technology
Date	December 2007
Serial No	Finance Working Paper No. 198/2008
Keywords	Regulation, International accounting, IAS, U.S. GAAP, Disclosure, Market liquidity, Cost of equity, Enforcement, Security markets
Abstract	From the SSRN website
Download	From the SSRN website


Title	Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions
Author(s)	Marina Martynova, The University of Sheffield Management School, Luc Renneboog, Tilburg University and ECGI
Date	February 2008
Serial No	Finance Working Paper No. 197/2008
Keywords	takeovers, mergers and acquisitions, cross-border, takeover synergies, cor-porate governance regulation, contractual convergence, shareholder protection, creditor protection, minority shareholder protection, takeover regulation.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Bankers on the Boards of German Firms: What they do, what they are worth, and why they are (still) there
Author(s)	Ingolf Dittmann, Erasmus University Rotterdam, Ernst Maug, University of Mannheim and ECGI, Christoph Schneider, University of Mannheim.
Date	February 2008
Serial No	Finance Working Paper No. 196/2008
Keywords	Banks, Boards, Corporate Governance, Germany
Abstract	From the SSRN website
Download	From the SSRN website
	Joint winner of the 2008 ECGI Best Paper Competition


Title	Corporate Governance Externalities
Author(s)	Viral Acharya, London Business School and CEPR, Paolo Volpin, London Business School, CEPR and ECGI.
Date	November 2007
Serial No	Finance Working Paper No. 195/2008
Keywords	Corporate governance, executive compensation, ownership structure, externality, regulation, governance standards.
Abstract	From the SSRN website
Download	From the SSRN website
	Joint winner of the 2008 ECGI Best Paper Competition


Title	Shares' Allocation and Claw Back Clauses in Italian IPOs
Author(s)	Dmitri Boreiko, Center for Research in Law and Economics (CRELE), School of Economics and Management, Free University of Bolzano, Stefano Lombardo, Center for Research in Law and Economics (CRELE), School of Economics and Management, Free University of Bolzano, and ECGI
Date	February 2008
Serial No	Finance Working Paper No. 194/2008
Keywords	IPOs, underpricing, bookbuilding, allocations, claw back clauses, oversubscription
Abstract	From the SSRN website
Download	From the SSRN website


Title	Sticks or Carrots? Optimal CEO Compensation when Managers are Loss-Averse
Author(s)	Ingolf Dittmann, Erasmus University Rotterdam, Ernst Maug, University of Mannheim and ECGI, Oliver Spalt, University of Mannheim
Date	November 2007
Serial No	Finance Working Paper No. 193/2007
Keywords	Stock Options, Executive Compensation, Loss Aversion
Abstract	From the SSRN website
Download	From the SSRN website


Title	Is the U.S. Capital Market Losing its Competitive Edge?
Author(s)	Luigi Zingales, University of Chicago, NBER, CEPR and ECGI.
Date	November 2007
Serial No	Finance Working Paper No. 192/2007
Keywords	Equity market, IPOs, competitiveness, compliance costs
Abstract	From the SSRN website
Download	From the SSRN website


Title	CEO Tenure, Performance and Turnover in S&P 500 Companies
Author(s)	John Coates, Harvard Law School, Reinier Kraakman, Harvard Law School and ECGI
Date	October 2007
Serial No	Finance Working Paper No. 191/2007
Keywords	CEO tenure, CEO turnover, acquisitions, retirement, CEO shareholdings, S&P 500 companies
Abstract	From the SSRN website
Download	From the SSRN website


Title	Stakeholder Capitalism, Corporate Governance and Firm Value
Author(s)	Franklin Allen, University of Pennsylvania and ECGI, Elena Carletti, Center for Financial Studies, Robert Marquez, Arizona State University
Date	October 2007
Serial No	Finance Working Paper No. 190/2007
Keywords	Firm objective, co-determination, imperfect competition
Abstract	From the SSRN website
Download	From the SSRN website


Title	Strategic Investing and Financial Contracting in Start-ups: Evidence from Corporate Venture Capital
Author(s)	Ronald Masulis, Vanderbilt University and ECGI, Rajarishi Nahata, Baruch College, CUNY.
Date	July 2007
Serial No	Finance Working Paper No. 189/2007
Keywords	Venture Capital, Corporate Venture Capital, Financial Contracting, Strategic Investing, Entrepreneurial Companies.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Corporate Governance Regimes, Investments in Human Capital and Economic Growth
Author(s)	Marc Goergen, University of Sheffield Management School and ECGI, Chris Brewster, University of Reading, Geoffrey Wood, University of Sheffield Management School
Date	September 2007
Serial No	Finance Working Paper No. 188/2007
Keywords	capitalist systems, corporate governance systems, employment practices
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Importance of Trust for Investment: Evidence from Venture Capital
Author(s)	Laura Bottazzi, Bologna University and IGIER, Marco Da Rin, Tilburg University, ECGI and IGIER, Thomas Hellmann, University of British Columbia
Date	May 2007
Serial No	Finance Working Paper No. 187/2007
Keywords	Venture capital, trust, corporate governance, contracts
Abstract	From the SSRN website
Download	From the SSRN website


Title	Family Firms, Paternalism, and Labor Relations
Author(s)	Holger Mueller, New York University, CEPR and ECGI, Thomas Philippon, New York University, NBER and CEPR
Date	August 2007
Serial No	Finance Working Paper No. 186/2007
Keywords	family ownership, family firms, labor relations
Abstract	From the SSRN website
Download	From the SSRN website


Title	Does Corporate Governance Matter in Competitive Industries?
Author(s)	Xavier Giroud, New York University, Holger Mueller, New York University, CEPR and ECGI
Date	August 2007
Serial No	Finance Working Paper No. 185/2007
Keywords	corporate governance, business combination laws, product market competition
Abstract	From the SSRN website
Download	From the SSRN website


Title	Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences
Author(s)	Reena Aggarwal, Georgetown University, Isil Erel, Ohio State University, René Stulz, Ohio State University, NBER and ECGI, Rohan Williamson, Georgetown University
Date	July 2007
Serial No	Finance Working Paper No. 184/2007
Keywords	governance, investor protection, common law
Abstract	From the SSRN website
Download	From the SSRN website


Title	Serial CEO Incentives and the Structure of Managerial Contracts
Author(s)	Mariassunta Giannetti, Stockholm School of Economics, CEPR and ECGI.
Date	October 2005
Serial No	Finance Working Paper No. 183/2007
Keywords	Executive compensation, managerial labor market, short-termism
Abstract	From the SSRN website
Download	From the SSRN website


Title	Managerial Ownership Dynamics and Firm Value
Author(s)	Rudiger Fahlenbrach, Ohio State University, René Stulz, Ohio State University, NBER and ECGI.
Date	June 2007
Serial No	Finance Working Paper No. 182/2007
Keywords	Firm valuation, director and officer ownership, ownership dynamics
Abstract	From the SSRN website
Download	From the SSRN website


Title	Pension Reform, Ownership Structure, and Corporate Governance: Evidence from Sweden
Author(s)	Mariassunta Giannetti, Stockholm School of Economics, CEPR, and ECGI, Luc Laeven, International Monetary Fund, CEPR, and ECGI.
Date	June 2007
Serial No	Finance Working Paper No. 181/2007
Keywords	Pension funds, control premium, dual class shares, controlling shareholders
Abstract	From the SSRN website
Download	From the SSRN website


Title	Expropriation, Unification, and Corporate Governance in Italy
Author(s)	Marco Bigelli, University of Bologna, Vikas Mehrotra, University of Alberta, P. Raghavendra Rau, Purdue University.
Date	April 2007
Serial No	Finance Working Paper No. 180/2007
Keywords	Dual class shares, unification, corporate governance, expropriation, insider trading, equity structure
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Effect of Board Structure on Firm Value in an Emerging Market: IV, DiD, and Time Series Evidence from Korea
Author(s)	Bernard Black, University of Texas Law School and ECGI, Woochan Kim, KDI School of Public Policy and Management
Date	June 2007
Serial No	Finance Working Paper No. 179/2007
Keywords	Korea, outside directors, audit committees, corporate governance, board of directors
Abstract	From the SSRN website
Download	From the SSRN website


Title	One Share, One Vote: The Empirical Evidence
Author(s)	Renée Adams, University of Queensland and ECGI, Daniel Ferreira, London School of Economics and Political Science and ECGI.
Date	May 2007
Serial No	Finance Working Paper No. 177/2007
Keywords	Disproportional ownership, mechanisms, control.
Abstract	From the SSRN website
Download	From the SSRN website


Title	The One Share - One Vote Debate: A Theoretical Perspective
Author(s)	Mike Burkart, Stockholm School of Economics, CEPR, FMG and ECGI, Samuel Lee, Stockholm School of Economics.
Date	May 2007
Serial No	Finance Working Paper No. 176/2007
Keywords	Security-Voting Structure, Market for Corporate Control, Controlling Minority Shareholders, Shareholder Activism
Abstract	From the SSRN website
Download	From the SSRN website


Title	Socially Responsible Investments: Methodology, Risk Exposure and Performance
Author(s)	Luc Renneboog, Tilburg University and ECGI, Jenke ter Horst, Tilburg University, Chendi Zhang, University of Sheffield
Date	June 2007
Serial No	Finance Working Paper No. 175/2007
Keywords	socially responsible investments, ethical investing, corporate social responsibility, mutual funds, performance evaluation, money-fl ows, investment screens, mutual funds
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Investment Behavior of Buyout Funds: Theory and Evidence
Author(s)	Alexander Ljungqvist, New York University, CEPR and ECGI, Matthew Richardson, New York University and NBER, Daniel Wolfenzon, New York University and NBER.
Date	June 2007
Serial No	Finance Working Paper No. 174/2007
Keywords	Private equity, Buyout funds, Alternative investments, Fund management.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Has New York become less competitive in global markets? Evaluating foreign listing choices over time
Author(s)	Craig Doidge, University of Toronto, G. Andrew Karolyi, Ohio State University, René Stulz, Ohio State University, NBER and ECGI
Date	June 2007
Serial No	Finance Working Paper No. 173/2007
Keywords	cross-listing, exchange listing, Sarbanes-Oxley Act, SOX, London stock exchange, New York stock exchange
Abstract	From the SSRN website
Download	From the SSRN website


Title	Unbundling Ownership and Control
Author(s)	Daniel Ferreira, London School of Economics, CEPR and ECGI, Emanuel Ornelas, University of Georgia and Ibmec-RJ, John Turner, University of Georgia
Date	June 2007
Serial No	Finance Working Paper No. 172/2007
Keywords	ownership, corporate control, restructuring, mechanism design
Abstract	From the SSRN website
Download	From the SSRN website


Title	Why do private acquirers pay so little compared to public acquirers?
Author(s)	Leonce Bargeron, University of Pittsburgh, Frederik Schlingemann, University of Pittsburgh, René Stulz, Ohio State University, NBER and ECGI, Chad Zutter, University of Pittsburgh
Date	June 2007
Serial No	Finance Working Paper No. 171/2007
Keywords	private equity acquisitions, target abnormal returns
Abstract	From the SSRN website
Download	From the SSRN website


Title	Trusting the Stock Market
Author(s)	Luigi Guiso, European University Institute and CEPR, Paola Sapienza, Northwestern University, NBER and CEPR, Luigi Zingales, Harvard University, NBER, CEPR and ECGI
Date	May 2007
Serial No	Finance Working Paper No. 170/2007
Keywords	Stock market participation, trust, portfolio choice
Abstract	From the SSRN website
Download	From the SSRN website


Title	Ownership Changes and Investment in Transition Countries
Author(s)	Klaus Gugler, University of Vienna and ECGI, Evgeni Peev, University of Vienna
Date	May 2007
Serial No	Finance Working Paper No. 169/2007
Keywords	Investment, cash flow, ownership change, corporate governance, transition
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Price of Ethics: Evidence from Socially Responsible Mutual Funds
Author(s)	Luc Renneboog, Tilburg University and ECGI, Jenke ter Horst, Tilburg University, Chendi Zhang, University of Sheffield
Date	May 2007
Serial No	Finance Working Paper No. 168/2007
Keywords	ethics, mutual funds, socially responsible investing, investment screens, smart money, risk loadings
Abstract	From the SSRN website
Download	From the SSRN website


Title	Agency Conflicts, Investment, and Asset Pricing
Author(s)	Rui Albuquerque, Boston University, CEPR and ECGI, Neng Wang, Columbia Business School
Date	May 2007
Serial No	Finance Working Paper No. 167/2007
Keywords	asset prices, heterogeneous agents, agency, corporate governance, investor protection, volatility, overinvestment
Abstract	From the SSRN website
Download	From the SSRN website
	Winner of the 2008 Standard Life Investments Finance Prize (Best paper in the Finance Working Paper series)


Title	Political Connections and Preferential Access to Finance: The Role of Campaign Contributions
Author(s)	Stijn Claessens, University of Amsterdam, World Bank and CEPR, Erik Feijen, World Bank, Luc Laeven, International Monetary Fund and CEPR
Date	June 2007
Serial No	Finance Working Paper No. 166/2007
Keywords	campaign contributions, elections, corruption, preferential lending
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Invisible Hand in Corporate Governance
Author(s)	Vidhi Chhaochharia, World Bank, Luc Laeven, International Monetary Fund, CEPR and ECGI
Date	April 2007
Serial No	Finance Working Paper No. 165/2007
Keywords	Corporate governance, Firm valuation, Government policy, Laissez faire
Abstract	From the SSRN website
Download	From the SSRN website


Title	Complex Ownership Structures and Corporate Valuations
Author(s)	Luc Laeven, International Monetary Fund, CEPR and ECGI, Ross Levine, Brown University and NBER
Date	April 2007
Serial No	Finance Working Paper No. 164/2007
Keywords	Corporate Governance, Large shareholders, Blockholders
Abstract	From the SSRN website
Download	From the SSRN website


Title	What do we know about different systems of corporate governance?
Author(s)	Marc Goergen, University of Sheffield and ECGI.
Date	April 2007
Serial No	Finance Working Paper No. 163/2007
Keywords	Corporate governance, shareholder value, stakeholder model
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Goergen, M. (2007), "What Do We Know about Different Systems of Corporate Governance?", Journal of Corporate Law Studies 8 (1), 1-15.


Title	Politics, Investor Protection and Competition
Author(s)	Enrico Perotti, University of Amsterdam and CEPR, Paolo Volpin, London Business School, CEPR, and ECGI
Date	May 2007
Serial No	Finance Working Paper No. 162/2007
Keywords	Financial Development, Investor protection, Competition, Lobbying, Entry, Cost of Entry
Abstract	From the SSRN website
Download	From the SSRN website


Title	Insider Trading Laws and Stock Price Informativeness
Author(s)	Nuno Fernandes, Universidade CatÃ³lica Portuguesa and ECGI, Miguel Ferreira, ISCTE Business School-Lisbon and ECGI
Date	March 2007
Serial No	Finance Working Paper No. 161/2007
Keywords	Insider trading laws, Market efficiency, Investor protection
Abstract	From the SSRN website
Download	From the SSRN website


Title	Board Structure and Price Informativeness
Author(s)	Daniel Ferreira, London School of Economics, CEPR and ECGI, Miguel Ferreira, ISCTE Business School, Clara Raposo, ISCTE Business School
Date	June 2007
Serial No	Finance Working Paper No. 160/2007
Keywords	Corporate boards, Independent directors, Probability of informed trading, Stock markets
Abstract	From the SSRN website
Download	From the SSRN website
	Winner of the 2008 Egon Zehnder International Prize (Best paper on company boards and their role in corporate governance)


Title	Can Corporate Governance Reforms Increase Firms' Market Values: Evidence from India
Author(s)	Bernard Black, University of Texas at Austin - School of Law; McCombs School of Business, University of Texas at Austin; European Corporate Governance Institute (ECGI), Vikramaditya Khanna, University of Michigan at Ann Arbor - Law School
Date	January 2007
Serial No	Finance Working Paper No. 159/2007
Keywords	Corporate Law, Securities Law, India, corporate governance, Clause 49
Abstract	From the SSRN website
Download	From the SSRN website


Title	Security-Voting Structure and Bidder Screening
Author(s)	Christian At, Universite de Franche-Comté, CRESE, Mike Burkart, Stockholm School of Economics, CEPR, ECGI and FMG, Samuel Lee, Stockholm School of Economics and SITE
Date	February 2007
Serial No	Finance Working Paper No. 158/2007
Keywords	Takeovers, Asymmetric Information, Security-Voting Structure, One Share - One Vote
Abstract	From the SSRN website
Download	From the SSRN website


Title	Corporate Social Responsibility and Managerial Entrenchment
Author(s)	Giovanni Cespa, CSEF, Università di Salerno, and CEPR, Giacinta Cestone, CSEF, Università di Salerno, CEPR, and ECGI.
Date	April 2007
Serial No	Finance Working Paper No. 157/2007
Keywords	Corporate Governance, Corporate Social Responsibility, Managerial Entrenchment, Social Activism, Stakeholders
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Forthcoming in the Journal of Economics and Management Strategy


Title	Who Blows the Whistle on Corporate Fraud?
Author(s)	Alexander Dyck, University of Toronto, Adair Morse, University of Michigan, Luigi Zingales, University of Chicago, NBER, CEPR and ECGI.
Date	January 2007
Serial No	Finance Working Paper No. 156/2007
Keywords	Corporate fraud, detection, monetary incentives
Abstract	From the SSRN website
Download	From the SSRN website


Title	Why Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC Deregistrations
Author(s)	Christian Leuz, University of Chicago and ECGI, Alexander Triantis, University of Maryland, Tracy Wang, University of Minnesota.
Date	March 2008
Serial No	Finance Working Paper No. 155/2007
Keywords	SEC deregistration, Disclosure, Going private, Regulation, Private control benefi ts, Governance, Pink Sheets.
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Forthcoming in the Journal of Accounting and Economics (2008)


Title	The Corporate Governance Role of the Media: Evidence from Russia
Author(s)	Alexander Dyck, University of Toronto, Natalya Volchkova, New Economic School and CEFIR, Luigi Zingales, University of Chicago, NBER, CEPR and ECGI.
Date	June 2006
Serial No	Finance Working Paper No. 154/2007
Keywords	Corporate Governance, international media, investment, Russia
Abstract	From the SSRN website
Download	From the SSRN website


Title	Favoritism in Capital Allocation
Author(s)	Mariassunta Giannetti, Stockholm School of Economics, CEPR and ECGI, Xiaoyun Yu, Indiana University Bloomington
Date	January 2007
Serial No	Finance Working Paper No. 153/2007
Keywords	Finance and growth, Information production, Competition for capital, Exchange competition
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Persistence of Underdevelopment: Constituencies and Competitive Rent Preservation
Author(s)	Raghuram Rajan, IMF, University of Chicago, NBER and ECGI.
Date	December 2006
Serial No	Finance Working Paper No. 150/2007
Keywords	Underdevelopment, persistence, factor endowment, constituency
Abstract	From the SSRN website
Download	From the SSRN website


Title	Club-in-the-Club: Reform under Unanimity
Author(s)	Erik Berglof, EBRD, CEPR and ECGI, Mike Burkart, Stockholm School of Economics, CEPR, FMG and ECGI, Guido Friebel, EHESS and IDEI Toulouse, CEPR, Elena Paltseva, Stockholm School of Economics and IIIES
Date	January 2007
Serial No	Finance Working Paper No. 149/2007
Keywords	organizations, public goods, EU integration
Abstract	From the SSRN website
Download	From the SSRN website


Title	Portfolio Manager Ownership and Fund Performance
Author(s)	Ajay Khorana, Georgia Institute of Technology, Henri Servaes, London Business School, CEPR and ECGI, Lei Wedge, University of South Florida.
Date	August 2006
Serial No	Finance Working Paper No. 148/2007
Keywords	manager ownership, fund performance, mutual fund board.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Debt Enforcement Around the World
Author(s)	Simeon Djankov, World Bank, Oliver Hart, Harvard University and NBER, Caralee McLiesh, World Bank, Andrei Shleifer, Harvard University, NBER and ECGI
Date	January 2007
Serial No	Finance Working Paper No. 147/2007
Keywords	bankruptcy, legal origins
Abstract	From the SSRN website
Download	From the SSRN website


Title	U.S. Securities Regulation in a World of Global Exchanges
Author(s)	Reena Aggarwal, Georgetown University - Robert Emmett McDonough School of Business, Allen Ferrell, Harvard Law School and ECGI, Jonathan Katz, U.S. Securities and Exchange Commission.
Date	December 2006
Serial No	Finance Working Paper No. 146/2007
Keywords	Stock exchange mergers, NYSE, Euronext, Sarbanes-Oxley, cross-listing, demutualization, stock exchanges, SRO.
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Forthcoming in EXCHANGES: CHALLENGES AND IMPLICATIONS, Euromoney 2007


Title	Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth
Author(s)	Reena Aggarwal, Georgetown University, Isil Erel, Ohio State University, Reese Chair of Banking and Monetary Economics, René Stulz, Ohio State University, NBER, and ECGI, Rohan Williamson, Georgetown University
Date	January 2007
Serial No	Finance Working Paper No. 145/2007
Keywords	corporate governance, shareholder wealth
Abstract	From the SSRN website
Download	From the SSRN website


Title	Italian Corporate Governance in the Last 15 Years: from Pyramids to Coalitions?
Author(s)	Marcello Bianchi, Consob, Magda Bianco, Banca d'Italia and ECGI.
Date	November 2006
Serial No	Finance Working Paper No. 144/2006
Keywords	Corporate governance, pyramids, coalitions.
Abstract	From the SSRN website
Download	From the SSRN website


Title	Political Connections and Preferential Access to Finance: The Role of Campaign Contributions
Author(s)	Stijn Claessens, University of Amsterdam, World Bank, CEPR and ECGI, Erik Feijen, World Bank and Luc Laeven, International Monetary Fund and CEPR
Date	November 2006
Serial No	Finance Working Paper No. 143/2007
Keywords	Campaign Contributions, Elections, Rent-seeking, Preferential Lending
Abstract	From the SSRN website
Download	From the SSRN website


Title	Corporate Governance and Regulation: Can There Be Too Much of a Good thing?
Author(s)	Valentina Giulia Bruno, Financial Markets Group, London School of Economics (LSE) and Stijn Claessens, World Bank; Business School, University of Amsterdam, Finance Group, University of Amsterdam, CEPR and ECGI
Date	October 2006
Serial No	Finance Working Paper No. 142/2007
Keywords	Corporate governace practices, Regulatory regimes, Company valuation
Abstract	From the SSRN website
Download	From the SSRN website


Title	Vote Trading and Information Aggregation
Author(s)	Susan Christoffersen, McGill University - Faculty of Management, Christopher Geczy, University of Pennsylvania - Finance Department, David Musto, University of Pennsylvania - Finance Department, Adam Reed, University of North Carolina at Chapel Hill - Finance Area
Date	January 2007
Serial No	Finance Working Paper No. 141/2007
Keywords	information aggregation, voting rights, equity lending, vote trading
Abstract	From the SSRN website
Download	From the SSRN website


Title	Hedge Fund Activism
Author(s)	April Klein, Department of Accounting, Taxation & Business Law, New York University and Emanuel Zur, Leonard N. Stern School of Business, New York University
Date	September 2006
Serial No	Finance Working Paper No. 140/2006
Keywords	Hedge Fund, Activism, 13D
Abstract	From the SSRN website
Download	From the SSRN website


Title	Hedge Fund Activism, Corporate Governance, and Firm Performance
Author(s)	Alon Brav, Duke University, Wei Jiang, Columbia University, Frank Partnoy, University of San Diego, Randall Thomas, Vanderbilt University
Date	September 2006
Serial No	Finance Working Paper No. 139/2006
Keywords	Hedge Fund, Activism, Governance
Abstract	From the SSRN website
Download	From the SSRN website


Title	Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes U.K. Focus Fund
Author(s)	Marco Becht, Free University of Brussels (VUB/ULB) - ECARES, and ECGI, Julian Franks, London Business School, CEPR and ECGI, Colin Mayer, Said Business School, University of Oxford, CEPR and ECGI, and Stefano Rossi, Stockholm School of Economics
Date	December 2006
Serial No	Finance Working Paper No. 138/2006
Keywords	Shareholder activism, institutional investors
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Forthcoming in Review of Financial Studies


Title	The Long-Term Operating Performance of European Mergers and Acquisitions
Author(s)	Marina Martynova, University of Sheffield Management School, Sjoerd Oosting, Tilburg University and Luc Renneboog, Department of Finance, Tilburg University and ECGI
Date	November 2006
Serial No	Finance Working Paper No. 137/2006
Keywords	takeovers, mergers and acquisitions, long-term operating performance, diversification, hostile takeovers, means of payment, cross-border acquisitions, private target
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Published in International Mergers and Acquisitions Activity since 1990: Recent Research and Quantitative Analysis, G. Gregoriou and L. Renneboog (eds.), 2007, Massachusetts: Elsevier, 79-116.


Title	The Boundaries of Governance: The Effects of the National Setting and Ownership Changes on Employment Practice
Author(s)	Marc Goergen, University of Sheffield Management School and ECGI, Chris Brewster, Human Resource Management, Henley Management College and Geoffrey Wood, University of Sheffield Management School
Date	November 2006
Serial No	Finance Working Paper No. 136/2006
Keywords	capitalist systems, corporate governance systems, employment practices, mergers and acquisitions
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Performance of the European Market for Corporate Control: Evidence from the 5th Takeover Wave
Author(s)	Marina Martynova, University of Sheffield Management School and Luc Renneboog, Department of Finance, Tilburg University and ECGI
Date	October 2006
Serial No	Finance Working Paper No. 135/2006
Keywords	takeovers, mergers and acquisitions, diversification, hostile takeovers, means of payment, cross-border
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Principle of Proportional Ownership, Investor Protection and Firm Value in Western Europe
Author(s)	Morten Bennedsen, Department of Economics, Copenhagen Business School, Centre for Economic and Business Research, Government of the Kingdom of Denmark, Institute of Economics, Centre for Industrial Economics, University of Copenhagen and ECGI and Kasper Meisner Nielsen, Copenhagen Business School
Date	October 2006
Serial No	Finance Working Paper No. 134/2006
Keywords	Ownership Structure, Dual Class Shares, Pyramids, EU company law
Abstract	From the SSRN website
Download	From the SSRN website


Title	Protecting Minority Shareholders: Listed versus Unlisted Firms
Author(s)	Claudio Loderer and Urs Waelchli, Department of Finance Management, University of Bern -
Date	March 2008
Serial No	Finance Working Paper No. 133/2006
Keywords	Minority protection, unlisted firms, corporate governance, board of directors, disclosure
Abstract	From the SSRN website
Download	From the SSRN website
Comment	Updated with new title March 2008


Title	Inside the Family Firm: The Role of Families in Succession Decisions and Performance
Author(s)	Morten Bennedsen, Department of Economics, Copenhagen Business School, Centre for Economic and Business Research, Government of the Kingdom of Denmark, Institute of Economics, Centre for Industrial Economics, University of Copenhagen and ECGI, Kasper Meisner Nielsen, Copenhagen Business School, Francisco Perez-Gonzalez, Columbia Business School, Columbia University and Daniel Wolfenzon, Stern School of Business, New York University and NBER
Date	June 2006
Serial No	Finance Working Paper No. 132/2006
Keywords	family firms, successions, CEO turnover, governance
Abstract	From the SSRN website
Download	From the SSRN website


Title	Benefits and Costs of Control-Enhancing Mechanisms in U.S. Family Firms
Author(s)	Belen Villalonga, Finance Unit, Harvard Business School and Raphael Amit, The Wharton School, University of Pennsylvania
Date	July 2006
Serial No	Finance Working Paper No. 131/2006
Keywords	Family, control, dual, pyramids, coalitions, voting
Abstract	From the SSRN website
Download	From the SSRN website
	Winner of the 2007 Standard Life Investments Finance Prize (Best paper in the Finance Working Paper series)


Title	Performance and Behavior of Family Firms: Evidence From the French Stock Market
Author(s)	David Sraer, Center for Research in Economics and Statistics (CREST), National Institute of Statistics and Economic Studies (INSEE) and Groupe de Recherche en Economie Mathématique et Quantitative (GREMAQ), University of Toulouse 1, and David Thesmar, HEC Paris (Groupe HEC)
Date	August 2004
Serial No	Finance Working Paper No. 130/2006
Keywords	Family firms, management style, corporate performance
Abstract	From the SSRN website
Download	From the SSRN website


Title	Dual Class IPOs, Share Recapitalizations, and Unifications: A Theoretical Analysis
Author(s)	Thomas Chemmanur, Department of Finance, Boston College and Yawen Jiao, Department of Finance, Boston College
Date	June 2006
Serial No	Finance Working Paper No. 129/2006
Keywords	Dual Class Shares, Voting Structure, Antitakeover Provisions, Recapitalizations, Unifications
Abstract	From the SSRN website
Download	From the SSRN website


Title	How Relevant is Dividend Policy Under Low Shareholder Protection?
Author(s)	Luc Renneboog, Department of Finance, Tilburg University and ECGI, and Peter Szilagyi, Department of Finance, Tilburg University
Date	August 2006
Serial No	Finance Working Paper No. 128/2006
Keywords	Dividend policy, Corporate governance, Shareholder power restrictions, Ownership and control
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Performance of Italian Family Firms
Author(s)	Carlo Favero, Innocenzo Gasparini Institute for Economic Research (IGIER), University of Bocconi and CEPR, Stefano Giglio, Innocenzo Gasparini Institute for Economic Research (IGIER), University of Bocconi, Maddalena Honorati, Innocenzo Gasparini Institute for Economic Research (IGIER), University of Bocconi, and Fausto Panunzi, Institute of Economics "E. Bocconi" (IEP), Innocenzo Gasparini Institute for Economic Research (IGIER), University of Bocconi, CEPR and ECGI
Date	July 2006
Serial No	Finance Working Paper No. 127/2006
Keywords	Family firms, corporate performance, management style
Abstract	From the SSRN website
Download	From the SSRN website


Title	Leveraged Buyouts in the U.K. and Continental Europe: Retrospect and Prospect
Author(s)	Mike Wright, Nottingham University Business School (NUBS), Luc Renneboog, Department of Finance, Tilburg University and ECGI, Tomas Simons, Amsterdam Officeand, McKinsey & Co. Inc. and Louise Scholes, Centre for Management Buyout Research (CMBOR), University of Nottingham
Date	July 2006
Serial No	Finance Working Paper No. 126/2006
Keywords	Public-to-private, going-private, LBO, MBO, IBO, Management buy-ins
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Published in Journal of Applied Corporate Finance18 (3), 2006, 38-55


Title	How Do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards
Author(s)	Luc Renneboog, Department of Finance, Tilburg University and ECGI, and Peter Szilagyi, Department of Finance, Tilburg University
Date	May 2006
Serial No	Finance Working Paper No. 125/2006
Keywords	bondholder returns, Eurobonds, mergers and acquisitions, creditor rights, takeover
Abstract	From the SSRN website
Download	From the SSRN website


Title	Corporate Restructuring and Bondholder Wealth
Author(s)	Luc Renneboog, Department of Finance, Tilburg University and ECGI, and Peter Szilagyi, Department of Finance, Tilburg University
Date	March 2006
Serial No	Finance Working Paper No. 124/2006
Keywords	Bondholder wealth, corporate restructuring, mergers and acquisitions, event studies, bond returns
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Forthcoming in European Financial Management, 2007


Title	The Anatomy of Financial Tunneling in an Emerging Market
Author(s)	Vladimir Atanasov, School of Business, College of William and Mary, Bernard Black, School of Law, University of Texas at Austin, McCombs School of Business, University of Texas at Austin and ECGI, Conrad Ciccotello, Department of Finance, Georgia State University, and Stanley Gyoshev, College of William & Mary
Date	May 2006
Serial No	Finance Working Paper No. 123/2006
Keywords	law and finance, financial tunneling, freeze-out
Abstract	From the SSRN website
Download	From the SSRN website


Title	Why are the French so Different from the Germans? Underpricing of IPOs on the Euro New Markets
Author(s)	Marc Goergen, University of Sheffield Management School and ECGI, Arif Khurshed, University of Manchester, and Luc Renneboog, Department of Finance Tilburg University and ECGI
Date	April 2006
Serial No	Finance Working Paper No. 122/2006
Keywords	IPOs, underpricing, venture capital, high technology, European New Markets, lock-up agreements
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Goergen, M., Khurshed, A and L. Renneboog, "Why are the French So Different from the Germans? Underpricing of IPOs on the Euro New Markets", forthcoming in the International Review of Law and Economics.


Title	Corporate Finance in Europe: A Survey
Author(s)	Francois Degeorge, University of Lugano and ECGI, and Ernst Maug, Department of Business Administration and Finance, University of Mannheim and ECGI
Date	March 2006
Serial No	Finance Working Paper No. 121/2006
Keywords	Corporate Finance, Europe
Abstract	From the SSRN website
Download	From the SSRN website


Title	Egalitarianism and International Investment
Author(s)	Jordan Siegel, Harvard Business School, Amir Licht, Radzyner School of Law, Interdisciplinary Center Herzliyah and ECGI, and Shalom Schwartz, Hebrew University of Jerusalem - Department of Psychology
Date	April 2006
Serial No	Finance Working Paper No. 120/2006
Keywords	culture, informal institutions, social institutions, egalitarianism, cultural distance
Abstract	From the SSRN website
Download	From the SSRN website


Title	Market Liquidity, Investor Participation and Managerial Autonomy: Why do Firms go Private?
Author(s)	Arnoud Boot, Faculty of Economics & Econometrics (FEE), University of Amsterdam, Radhakrishnan Gopalan, University of Michigan Business School at Ann Arbor and Anjan Thakor, John M. Olin School of Business, Washington University, St. Louis
Date	October 2005
Serial No	Finance Working Paper No. 119/2006
Keywords	Managerial autonomy, liquidity, ownership, investor participation, firm participation
Abstract	From the SSRN website
Download	From the SSRN website
Comment	This Working Paper is based upon a draft prepared for the Sloan Project on Business Institutions/Anton Philips Fund Conference on International Markets and Corporate Governance (Washington DC, October 2005) organised by Georgetown University Law Center and Tilburg University Faculty of Law.


Title	Takeovers
Author(s)	Mike Burkart, Department of Finance, Stockholm School of Economics, CEPR, ECGI and Financial Markets Group, University of London and Fausto Panunzi, Institute of Economics "E. Bocconi" (IEP), University of Bocconi, IGIER, CEPR and ECGI
Date	January 2006
Serial No	Finance Working Paper No. 118/2006
Keywords	Takeovers, free-rider problem, efficiency of control transfers
Abstract	From the SSRN website
Download	From the SSRN website


Title	Is Ethical Money Financially Smart?
Author(s)	Luc Renneboog, Department of Finance, Tilburg University and ECGI, Jenke ter Horst, Center for Economic Research, Tilburg University, and Chendi Zhang, Center for Economic Research, Tilburg University
Date	February 2006
Serial No	Finance Working Paper No. 117/2006
Keywords	money-ﬂows, ethical funds, socially responsible investing, persistence in performance, investment screens, corporate governance screens, SRI
Abstract	From the SSRN website
Download	From the SSRN website


Title	Corporate Governance and Acquirer Returns
Author(s)	Ronald Masulis, Owen Graduate School of Management, Vanderbilt University, Cong Wang, Owen Graduate School of Management, Vanderbilt University, and Fei Xie, College of Business Administration, San Diego State University
Date	November 2005
Serial No	Finance Working Paper No. 116/2006
Keywords
Abstract	From the SSRN website
Download	From the SSRN website
Comment	This Working Paper is based upon a draft prepared for the Sloan Project on Business Institutions/Anton Philips Fund Conference on International Markets and Corporate Governance (Washington DC, October 2005) organised by Georgetown University Law Center and Tilburg University Faculty of Law.


Title	Economics of the Stakeholders’ Firm
Author(s)	Vicente Salas Fumas, Dep. Economía de la Empresa, Universidad de Zaragoza
Date	January 2006
Serial No	Finance Working Paper No. 115/2006
Keywords	Workers and shareholders contracting, knowledge investments, governance
Abstract	From the SSRN website
Download	From the SSRN website


Title	Mergers and Acquisitions in Europe
Author(s)	Marina Martynova, Department of Finance, Tilburg University and Luc Renneboog, Department of Finance, Tilburg University and ECGI
Date	January 2006
Serial No	Finance Working Paper No. 114/2006
Keywords	takeovers, mergers and acquisitions, diversification, takeover waves, means of payment
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Published in Advances in Corporate Finance and Asset Pricing, L.Renneboog (ed.), Amsterdam: Elsevier, 2006, 13-75


Title	Sudden Deaths: Taking Stock of Political Connections
Author(s)	Mara Faccio, Owen Graduate School of Management, Vanderbilt University, CEPR and ECGI, and David Parsley, Owen Graduate School of Management, Vanderbilt University
Date	January 2006
Serial No	Finance Working Paper No. 113/2006
Keywords	political ties, political connections
Abstract	From the SSRN website
Download	From the SSRN website


Title	Does Prestige Matter More then Profits for Entrepreneurs?
Author(s)	Mariassunta Giannetti, Stockholm School of Economics - Department of Finance and SITE, CEPR and ECGI, and Andrei Simonov, Stockholm School of Economics - Department of Finance
Date	December 2005
Serial No	Finance Working Paper No. 112/2005
Keywords	Entrepreneurial choice, peer effects, social norms, agglomeration economies
Abstract	From the SSRN website
Download	From the SSRN website


Title	Fighting for Talent: Risk-Taking, Corporate Volatility, and Organizational Change
Author(s)	Guido Friebel, Universite de Toulouse, EHESS, IDEI, Institute for the Study of Labor (IZA) and Centre for Economic Policy Research (CEPR) and Mariassunta Giannetti, Department of Finance and SITE, Stockholm School of Economics, Centre for Economic Policy Research (CEPR) and ECGI
Date	December 2005
Serial No	Finance Working Paper No. 111/2005
Keywords	Occupational choice, spin-offs, sorting in labor markets, organizations and markets, financial development
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Origins of the German Corporation - Finance, Ownership and Control
Author(s)	Julian Franks, London Business School, CEPR and ECGI, Colin Mayer, Saïd Business School, University of Oxford, CEPR and ECGI, and Hannes Wagner, Saïd Business School, University of Oxford and Munich School of Management
Date	August 2005
Serial No	Finance Working Paper No. 110/2005
Keywords	Evolution of ownership, German stock markets, financial regulation
Abstract	From the SSRN website
Download	From the SSRN website
Comment	This Working Paper is based upon a draft prepared for the Sloan Project on Business Institutions/Anton Philips Fund Conference on International Markets and Corporate Governance (Washington DC, October 2005) organised by Georgetown University Law Center and Tilburg University Faculty of Law.


Title	Financial Liberalization and Banking Crises: The Role of Capital Inflows and Lack of Transparency
Author(s)	Mariassunta Giannetti, Department of Finance and SITE, Stockholm School of Economics, Centre for Economic Policy Research (CEPR) and ECGI
Date	December 2005
Serial No	Finance Working Paper No. 109/2005
Keywords	Banking crises, Capital inflows, Transparency, Capital requirements
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Forthcoming on the Journal of Financial Intermediation


Title	A Theory of Optimal Expropriation, Mergers and Industry Competition
Author(s)	Arturo Bris, Yale School of Management, IMD International and ECGI, and Neil Brisley, Richard Ivey School of Business, University of Western Ontario
Date	December 2005
Serial No	Finance Working Paper No. 108/2005
Keywords	corporate governance, market regulation, mergers and acquisitions
Abstract	From the SSRN website
Download	From the SSRN website


Title	The Dynamics of Large and Small Chapter 11 Cases: An Empirical Study
Author(s)	Douglas Baird, University of Chicago Law School, Arturo Bris, Yale School of Management, IMD International and ECGI, and Ning Zhu, Yale School of Management and Graduate School of Management, University of California, Davis
Date	December 2005
Serial No	Finance Working Paper No. 107/2005
Keywords	bankruptcy, creditors, Chapter 11
Abstract	From the SSRN website
Download	From the SSRN website


Title	A Breakdown of the Valuation Effects of International Cross-Listing
Author(s)	Arturo Bris, Yale School of Management, IMD International and ECGI, Salvatore Cantale, A.B. Freeman School of Business, Tulane University and George Nishiotis, Department of Public and Business Administration, University of Cyprus
Date	December 2005
Serial No	Finance Working Paper No. 106/2005
Keywords	Corporate Governance, Finance, International Finance, Mergers
Abstract	From the SSRN website
Download	From the SSRN website


Title	Shareholder Protection, Stock Market Development, and Politics
Author(s)	Marco Pagano, Faculty of Economics,University of Naples Federico II, Centre for Economic Policy Research (CEPR) and ECGI, and Paolo Volpin, London Business School, Centre for Economic Policy Research (CEPR) and ECGI
Date	November 2005
Serial No	Finance Working Paper No. 105/2005
Keywords	political economy, shareholder protection, corporate governance, stock market development
Abstract	From the SSRN website
Download	From the SSRN website


Title	Board Compensation and Firm Performance: The Role of 'Independent' Board Members
Author(s)	Nuno Fernandes, School of Economics and Management, Universidade Católica Portuguesa and ECGI
Date	October 2005
Serial No	Finance Working Paper No. 104/2005
Keywords	Executive Compensation, Corporate Governance, Independent Directors, Firm Performance
Abstract	From the SSRN website
Download	From the SSRN website


Title	Does Corporate Governance Predict Firms' Market Values: Time-Series Evidence from Korea
Author(s)	Bernard Black, School of Law and Red McCombs School of Business, University of Texas at Austin and ECGI, Woochan Kim, KDI School of Public Policy and Management, Hasung Jang, Department of Finance, Korea University, and Kyung Suh Park, Department of Finance, Korea University
Date	November 2005
Serial No	Finance Working Paper No. 103/2005
Keywords	Korea, corporate governance, corporate governance index, law and finance, firm valuation, board of directors, emerging markets
Abstract	From the SSRN website
Download	From the SSRN website


Title	Shareholder lock-in contracts: Share price and trading volume effects at the lock-in expiry
Author(s)	Peter-Paul Angenendt, Marc Goergen, University of Sheffield Management School and ECGI, and Luc Renneboog, Department of Finance, Tilburg University and ECGI
Date	November 2005
Serial No	Finance Working Paper No. 102/2005
Keywords	Lock-in Agreements, Nouveau Marché, Abnormal Returns and Volumes
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Published in Advances in Corporate Finance and Asset Pricing, L.Renneboog (ed.), Amsterdam: Elsevier, 2006, 235-276


Title	Identifying the Effect of Managerial Control on Firm Performance
Author(s)	Renee Adams, Department of Finance, Stockholm School of Economics and ECGI, and Joao Santos, Federal Reserve Bank of New York
Date	November 2005
Serial No	Finance Working Paper No. 101/2005
Keywords	Managerial control, Voting rights, Performance measurement, Trust investments
Abstract	From the SSRN website
Download	From the SSRN website


Title	A Theory of Friendly Boards
Author(s)	Renee Adams, Department of Finance, Stockholm School of Economics and ECGI, and Daniel Ferreira, Faculdade de Economia, University of Lisbon, Stockholm School of Economics (SITE) and ECGI
Date	October 2005
Serial No	Finance Working Paper No. 100/2005
Keywords
Abstract	From the SSRN website
Download	From the SSRN website
	Winner of the 2006 Egon Zehnder International Prize (Best paper on company boards and their role in corporate governance)
Elsewhere	Forthcoming in the Journal of Finance


Title	Dominant Shareholders and Allied Directors: A Simple Model and Evidence from 22 Countries
Author(s)	Jay Dahya, Baruch College, CUNY, Orlin Dimitrov, Schulich School of Business, York University, and John McConnell, Krannert Graduate School of Management, Purdue University
Date	August 2005
Serial No	Finance Working Paper No. 099/2005
Keywords	Dominant Shareholders, Directors, Governance, Investor Protection
Abstract	From the SSRN website
Download	From the SSRN website


Title	Does Corporate Control Determine the Cross-listing Location?
Author(s)	Wissam Addallah, Lebanese American University and Marc Goergen, Sheffield University Management School and ECGI
Date	October 2005
Serial No	Finance Working Paper No. 098/2005
Keywords	Cross-listing, corporate governance, corporate control
Abstract	From the SSRN website
Download	From the SSRN website
Elsewhere	Abdallah, W. and M. Goergen (2008), "Does Corporate Control Determine the Cross-listing Location?", Journal of Corporate Finance 14 (3), 183-199.


Title	Takeover Waves: Triggers, Performance and Motives