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...

This paper compares the raising of external equity capital from private equity investors via private investments in public equity (PIPEs) and seasoned equity offerings (SEOs) using a sample of 456 PIPEs and 1,910 SEOs drawn from nine Asian countries. Consistent with the idea that insiders...