Using a new dataset of corporate voting-rights from 1971 to 2015, we find that young dual-class firms trade at a premium and operate at least as efficiently as young single-class firms. As dual-class firms mature, their valuation declines, and they become less efficient in their margins,...

Blockholder monitoring is central to corporate governance, but blockholders large enough to exercise significant unilateral influence are rare. Mechanisms that enable small blockholders to exert collective influence are therefore important. We present a model in which one or more sizeable lead...

This study addresses the three main issues related to the underperformance of initial public offerings (IPOs), reported in prior studies. Examines whether venture capitalists affect the long-run performance of newly public firms, investigates the effects of using different benchmarks and...

Are event studies in securities litigation reliable? Basic's fraud-on-the-market presumption sparked the wide use of event studies in securities litigation, and the Supreme Court's 2014 decision in Halliburton will make event studies even more important, as litigants fight over the existence of...