A smart mutual peer-to-peer insurance contract is a financial innovation that combines blockchain technology and a mutual insurance contract. This paper constructs a three-stage game theory model of the mutual insurance platform. The role of blockchain technology in solving the claim fraud...

We document significantly lower valuations for government contractors in the United States. While contracting with government agencies reduces firms' cost of equity, it significantly lowers their sales growth. These findings are contingent on economic conditions; negative valuations dissipate as...

Does government contracting translate to better earnings quality and less earnings management? In this study, we seek to answer this question. We find strong evidence that government suppliers strategically substitute accrual-based earnings management with real earnings management. Firms with...

Based on a comprehensive sample of European mergers over the 1997--2011 period, we find that information leakages experienced by target firms are conditioned on the investor protection characteristics in the target’s country. Specifically, information leakages are smaller for targets in...

Using a sample of 8000 targets in the US and Western Europe over the 1997–2009 period, we find that private targets receive significantly higher payments from bidders than public targets. We find that the private valuation premium is inversely related to the size of the target. We also find...