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Bebchuk, Lucian; Goldstein, Itay - National Bureau of Economic Research (NBER) - 2010

This paper develops a model of a self-fulfilling credit market freeze and uses it to study alternative governmental responses to such a crisis. We study an economy in which operating firms are interdependent, with their success depending on the ability of other operating firms to obtain...

Persistent link: https://www.econbiz.de/10008635935

The Market for Corporate Law

Bar-Gill, Oren; Barzuza, Michal; Bebchuk, Lucian - In: Journal of Institutional and Theoretical Economics (JITE) 162 (2006) 1, pp. 134-160

This paper develops a model of the competition among states in providing corporate law rules. Such competition is shown to produce optimal rules with respect to issues that do not have a substantial effect on management's private benefits but not with respect to issues that have such an effect....

Persistent link: https://www.econbiz.de/10005823382

Stock Pyramids, Cross-Ownership, and the Dual Class Equity: The Creation and Agency Costs of Seperating Control from Cash Flow Rights

Bebchuk, Lucian; Kraakman, Reinier; Triantis, George - National Bureau of Economic Research (NBER) - 1999

This paper examines common arrangements for separating control from cash flow rights: stock pyramids, cross … group to maintain a complete lock on the control of a company while holding less than a majority of the cash flow rights …. Finally, we put forward an agenda for research concerning structures separating control from cash flow rights. …

Persistent link: https://www.econbiz.de/10005828584

Investor Protection and Interest Group Politics

Bebchuk, Lucian; Neeman, Zvika - National Bureau of Economic Research (NBER) - 2007

they control to influence politicians, as well as the inability of institutional investors to capture the full value that …

Persistent link: https://www.econbiz.de/10005828985

Staggered Boards and the Wealth of Shareholders: Evidence from Two Natural Experiments

Bebchuk, Lucian; Cohen, Alma; Wang, Charles C.Y. - National Bureau of Economic Research (NBER) - 2011

most pronounced for firms for which control contests are especially relevant due to relative underperformance, small firm …

Persistent link: https://www.econbiz.de/10009147554

Learning and the Disappearing Association Between Governance and Returns

Bebchuk, Lucian; Cohen, Alma; Wang, Charles C.Y. - National Bureau of Economic Research (NBER) - 2010

In an important and influential work, Gompers, Ishii, and Metrick (2003) show that a trading strategy based on an index of 24 governance provisions (G-Index) would have earned abnormal returns during the 1991-1999 period, and this intriguing finding has attracted much attention ever since it was...

Persistent link: https://www.econbiz.de/10008631671

Federalism and Takeover Law: The Race to Protect Managers from Takeovers

Bebchuk, Lucian; Ferrell, Allen - National Bureau of Economic Research (NBER) - 2000

This paper analyzes certain important shortcomings of state competition in corporate law. In particular, we show, with respect to takeovers, states have incentives to produce rules that excessively protect incumbent managers. The development of state takeover law, we argue, is consistent with...

Persistent link: https://www.econbiz.de/10005778471

The Market for Corporate Law

Bebchuk, Lucian; Bar-Gill, Oren; Barzuza, Michal - National Bureau of Economic Research (NBER) - 2002

This paper develops a model of the competition among states in providing corporate law rules. The analysis provides a full characterization of the equilibrium in this market. Competition among states is shown to produce optimal rules with respect to issues that do not have a substantial effect...

Persistent link: https://www.econbiz.de/10005575549

Does the Evidence Favor State Competition in Corporate Law?

Bebchuk, Lucian; Cohen, Alma; Ferrell, Allen - National Bureau of Economic Research (NBER) - 2002

In the ongoing debate on state competition over corporate charters, supporters of state competition have long claimed that the empirical evidence clearly supports their view. This paper suggests that the body of empirical evidence on which supporters of state competition have relied does not...

Persistent link: https://www.econbiz.de/10005575682

The 'Lemons Effect' in Corporate Freeze-Outs

Bebchuk, Lucian; Kahan, Marcel - National Bureau of Economic Research (NBER) - 1999

favorable to them, this paper demonstrates that freeze-outs can become a significant source for private benefits of control. …

Persistent link: https://www.econbiz.de/10005575895