This study examines how universal demand (UD) laws affect shareholder derivative litigation risk and financial reporting decisions. We provide evidence that the incremental risk from derivative litigation beyond parallel securities class actions or SEC actions appears low in financial reporting...

This paper examines an innovation in capital formation that has spurred contentious debate: theUmbrella Partnership Corporation (“Up-C”) IPO. Advisors and underwriters argue that the Up-C deal structure is a driver of post-IPO value and, thus, is a value-enhancing means of raising capital...