Showing 1 - 6 of 6
We study how parent liability for subsidiaries' environmental cleanup costs affects industrial pollution and production. Our empirical setting exploits a Supreme Court decision that strengthened parent limited liability protection for some subsidiaries. Using a difference-in-differences...
Persistent link: https://www.econbiz.de/10012853307
I examine the effect of shareholder litigation rights on the governance of firms. My empirical strategy exploits the staggered adoption of universal demand (UD) laws, which restrict lawsuits alleging a breach of fiduciary duty by directors or officers. UD is associated with an increase in the...
Persistent link: https://www.econbiz.de/10012904605
Blockchain technology has facilitated the emergence of a new type of organizational form, Decentralized Autonomous Organizations (DAOs). In contrast to corporations and other types of business organizations, DAOs do not have managers or directors with formal decision rights. Instead, the members...
Persistent link: https://www.econbiz.de/10014258395
Decentralized Autonomous Organizations ("DAOs'') are crypto-native organizations run without centralized management. Instead, managerial and financial decisions are made by token holders via a decentralized voting process. Taking advantage of the transparency of blockchains, we gather data on...
Persistent link: https://www.econbiz.de/10014253937
We document a new "policy sensitivity" channel of corporate political contributions. Firms that are highly sensitive to government policy uncertainty have a stronger incentive to contribute to political candidates, and these firms' risk-taking and performance should be more affected by the gain...
Persistent link: https://www.econbiz.de/10012969616
The Fama-French factors are ubiquitous in empirical finance, industry, and law. We find that factor returns differ substantially depending on when the data were downloaded. The effects of these retroactive changes are large. Holding the sample period constant and varying only factor vintages, we...
Persistent link: https://www.econbiz.de/10013212004