We examine value creation and destruction in the tobacco industry due to the radical litigation strategy pursued by Brooke Group and its CEO, Bennett LeBow. Brooke Group has a tiny market share, low margins, high leverage, and a high concentration of managment ownership. Beginning in 1996 the...

We present the first estimates of investment returns and distribution rates for U.S. non-profit endowment funds, based on a comprehensive sample of 29,762 organizations drawn from Internal Revenue Service filings for 2009-2017. Non-profit endowments badly underperform market benchmarks, with...

We present the first estimates of investment returns and distribution rates for U.S. non-profit endowment funds, based on a comprehensive sample of 29,762 organizations drawn from Internal Revenue Service filings for 2009-2017. Non-profit endowments badly underperform market benchmarks, with...

We present the first estimates of investment returns and distribution rates for U.S. non-profit endowment funds, based on a comprehensive sample of 35,262 organizations drawn from Internal Revenue Service filings for 2009-2018, a period that saw a sharp drop followed by a lengthy appreciation in...

amp;#65279;Company stock option plans have diverse quot;sunsetquot; policies for modifying terms of options held by managers who exit the firm. In our Samp;P 500 sample, these forfeiture, vesting, and expiration provisions are less generous in companies characterized by fast growth, dependence on...

Company stock option plans have diverse acirc;not;Ssunsetacirc;not;? policies for modifying terms of options held by managers who exit the firm. In our Samp;P 500 sample, these forfeiture, vesting, and expiration provisions are less generous in companies characterized by fast growth, dependence on...

The FinTech sector has begun to grow rapidly in sub-Saharan Africa. I document far greater adoption of social media, digital currency, ride sharing, and other FinTech applications in countries with a common law legal heritage compared to those with a civil law system, suggesting that legal...