Annual Conference

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Corporate Finance

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May 2019

Using shareholder voting records on management proposals for the period 2003–2015, we study whether the voting process is unbiased. We find evidence of votemanipulation by management. Specifically, the frequency of proposals that receive votes just above the threshold for passage is significantly ...
Keywords: Corporate Voting, Management Proposals, Shareholder Proposals, Manipulation
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Annual Conference

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Corporate Finance

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May 2019

We exploit staggered municipality-level anti-mafia enforcement actions over the1995-2015 period to study the effect of organized crime on firms. At the municipalitylevel, we find that as the influence of organized crime weakens, competition andinnovative activity increase. At the firm level, existin...
Keywords: Organized Crime, Corruption, Competition, Cartel enforcement, Collusion, Money laundering
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Annual Conference

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Corporate Finance

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May 2019

Voting outcomes can differ from underlying preferences due to selection into voting. One source of such selection is lower participation of shareholders with popular preferences (free-rider effect) relative to that of those with unpopular preferences (underdog effect). We illustrate these strategic ...
Keywords: voting participation, Corporate governance, Shareholder Proposals, shareholder democracy, structural estimation
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Annual Conference

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Corporate Finance

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May 2019

We construct a comprehensive dataset of initial coin offerings (ICOs) to study the determinants of ICO success, post-ICO returns, volatility and liquidity, and evolution of ICO-backed-ventures’ social media activity and productivity. Most of our results for ICOs are consistent with empirical regul...
Keywords: Token, initial coin offerings, volatility, liquidity
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Annual Conference

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Corporate Finance

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May 2019

We study whether and to what extent peer-to-peer (P2P) credit helps circumvent loan-tovalue (LTV) caps, a key macroprudential tool to contain household leverage. We exploit the tightening of mortgage LTV caps in a number of cities in China in 2013 as our testing ground, in a difference-in-difference...
Keywords: peer-to-peer credit, household leverage, macroprudential regulation, loan-tovalue caps
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