Intermediation in private equity involves illiquid investments, professional investors, and high information asymmetry. We use this unique setting to empirically evaluate theoretical predictions regarding intermediation. Placement agent usage has become nearly ubiquitous, but agents are...

This study evaluates the relation between hostile takeovers and 17 takeover laws from 1965 to 2014. Using a hand-collected dataset of largely exogenous legal changes we find that certain takeover laws, such as poison pill and business combination laws, have no discernible impact on hostile...

This report provides preliminary statistics for takeover litigation in 2015. Takeover litigation was substantially disrupted in 2015 by the Delaware courts' willingness to challenge "disclosure only" settlements. For the full year, lawsuits were brought in 87.7% of completed takeovers versus...

This report provides preliminary statistics for takeover litigation in 2014. Takeover litigation continued at a "steady state" and at an extremely high rate. Lawsuits were brought in 94.9% of takeovers in 2014 versus 39% in 2005. This is the fourth year in a row that the rate of litigation was...

We provide a multi-dimensional picture of jurisdictional competition for corporate litigation by examining merger litigation in a hand-collected sample of 1,117 takeovers from 2005-2011. We find that entrepreneurial plaintiffs' attorneys drive this competition by bringing suits in jurisdictions...

We examine management buy-out (MBO) transactions announced from 2003-2009 in order to study the wealth effects of MBOs and the role of process. We find that there is “value” in corporate process. MBO offer premiums are positively associated with competitive contracts and the existence of...

We evaluate the selection of governing law and forum clauses in merger agreements between public firms from 2004-2008. In contrast to prior research, we find that Delaware is the dominant choice among merging parties. During the sample period approximately 66.4% of agreements select Delaware for...

We examine management buy-out ("MBO") transactions announced from 2003-2009 in order to study the wealth effects of MBOs and the role of process. We find that there is "value" in corporate process. MBO offer premiums are positively associated with competitive contracts and the existence of...