We examine the potential for management-worker alliances when employees have substantial voting rights, and how such alliances affect the balance of power between managers and shareholders. We find that substantial employee voting rights exacerbate the manager-shareholder conflicts....

We re-examine the abnormal stock return over the ex-day of stock splits, stock dividends, and rights offers with an extended version of the model by Frank and Jagannathan (1998). Regression analysis suggests that an underlying nuisance cost in the amount of 0.57% of the stock price and a bid-ask...

Using market microstructure data, we study the determinants of the buying/selling pattern around seasoned equity offerings (SEOs) and their effect on underpricing. We find that the trading pattern around SEOs is slightly positive before the issue date and heavily negative after the SEO, and this...