In this paper we explore and find support for IPOs motivated by subsequent acquisition activity. Over a third of newly public firms enter the market for corporate control as acquirers within three years of the IPO. We find that the role of an IPO in facilitating subsequent acquisitions is...

In 2022, the White House released a regulatory framework calling for a whole-of-government approach to digital asset innovations. Although justified and necessary, this systems-based strategy discounts the reality that U.S. financial regulation is fundamentally fragmented. There are signs of a...

Using one of the largest samples of litigation data to date, we examine whether the political culture of a firm determines its propensity for corporate misconduct. We measure political culture using the political contributions of top managers, firm PACs, and its local residents. We show that...

We demonstrate that personal political preferences of corporate managers influence corporate policies. Specifically, Republican managers who are likely to have conservative personal ideologies adopt and maintain more conservative corporate policies. Those firms have lower levels of corporate...

Using a comprehensive sample of 83,260 corporate lawsuits filed in U.S. Federal District courts, we extend the results of prior studies investigating market value and reputational losses due to corporate misconduct. This larger sample allows us to examine several alternative explanations for the...

This paper examines whether corporate managers follow the collective actions of arbitrageurs, measured by short interest, in deciding whether to conduct seasoned equity offers (SEOs). We find that short interest predicts future SEOs and has a marginal impact comparable to well-known predictors....

We examine changes in managers' investment in the firm around leveraged buyouts and find agency costs counter to those described in extant literature. In majority of deals during 1997-2008, managers divested a portion of their pre-LBO shareholdings while maintaining an ownership stake in the...

This Special Issue pays tribute to the Journal of Corporate Finance (JCF) and its cutting-edge research. We do this by taking stock of the trends of research published in the Journal over the last 25 years, areas being researched currently, and offer some insight into fruitful areas of corporate...

We examine the value of CEOs with specialized professional skills by focusing on CEOs with law degrees and their effect on corporate litigation. We find that lawyer CEOs are associated with both lower litigation frequency and less severe litigation. This relation is observed for most of nine...

We examine the relation between the CEO's childhood socioeconomic class and corporate labor policies. We find that CEOs raised in low socioeconomic class families are less likely to invest in employee friendly firm policies measured by several types of labor and employment litigation, including...