Recent surveys show that 24% of independent directors in Russel 3,000 firms have continuously served on their boards for fifteen years or more. Based on a sample of S&P 1500 firms over the period 1998-2012, we document strong positive effects on financial performance for firms with one, very...

Secondary buyouts represent now over 60% of the overall buyout activity. In this paper we investigate the possible determinants of such a spectacular growth. We show that first-round buyers generate a large and significant abnormal improvement in operating performance. In contrast, SBO operating...

We analyze whether companies involved in a securities class action suit (SCAS) exhibit differential capital structure decisions, and if the information revealed by a corporate scandal affects the security issuances and stock prices of industry peers. Our findings show that before a SCAS is...

We show that a bank with investors holding simultaneously both its equity and bond (dual-holders) exhibits lower risk and superior performance. Using the 2007-9 financial crisis as a quasi-natural experiment, we find that the presence of dual-holders reduces risky investment and risky business...

This paper studies the impact of collective reputation on the reporting strategy of experts that face conflicts of interest. The framework we propose applies to different settings involving decision makers that rely on experts for making informed decisions, in particular we consider sell-side...