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Working Papers

2022

Competing Views on the Economic Structure of Corporate Law
Forthcoming, 1 University of Chicago Business Law Review _ (2022).

Does Enlightened Shareholder Value Add Value?
(with Kobi Kastiel and Roberto Tallarita)
Forthcoming, The Business Lawyer, Vol. 77 (2022)
ProMarket post about the study
Harvard Corporate Governance Forum post about this study

The Law and Economics of Equity Swap Disclosure
Harvard Corporate Governance Forum post about this study

The Perils and Questionable Promise of ESG-Based Compensation
(with Roberto Tallarita)
Forthcoming, Journal of Corporation Law (2022)
Media coverage about the study: Financial Times
Harvard Corporate Governance Forum post about this study
ProMarket column by us about the study.

Stakeholder Capitalism in the Time of COVID
(with Kobi Kastiel and Roberto Tallarita)
Forthcoming, Yale Journal on Regulation, Volume 40 (1), 2023
Media coverage about the study: WSJ, Financial Times, New York Times
Harvard Corporate Governance Forum post about this study
ProMarket op-ed by us about the study

2018

The Lifecycle Theory of Dual-Class Structures
(with Kobi Kastiel)
Harvard Corporate Governance Forum post about this study

The Misguided Attack on Common Ownership
(with Scott Hirst)
Harvard Corporate Governance Forum post about this study

The Perils of Dell's Low-Voting Stock
(with Kobi Kastiel)
Harvard Corporate Governance Forum post about this study

2011

Staggered Boards and the Wealth of Shareholders:
Evidence from Two Natural Experiments

(with Alma Cohen and Charles C.Y. Wang)
Harvard Law School Olin Discussion Paper No. 697, June 2011.
Media coverage about the study in New York Times DealBook and Thomson Reuters

2010

The Harvard Law School Proxy Access Roundtable
(Lucian Bebchuk and Scott Hirst, editors)
Harvard Law School Olin Discussion Paper No. 661, January 2010.

2008

Unfreezing Credit Markets
Harvard Law School Olin Discussion Paper No. 622, December 2008.
Interview about this paper with WSJ online

A Plan for Addressing the Financial Crisis
Harvard Law School Olin Discussion Paper No. 620, September 2008.

2007

CEO Centrality
(with Martijn Cremers and Urs Peyer)
Harvard Law School Olin Discussion Paper No. 601, November 2007.

2006

Pay Distribution in the Top Executive Team
(with Martijn Cremers & Urs Peyer)
Harvard Law School Olin Discussion Paper No. 574, December 2006.
Noted in Forbes, Mar 12, 2007.

Lucky Directors
(with Yaniv Grinstein & Urs Peyer)
Harvard Law School Olin Discussion Paper No. 573, December 2006.
Media coverage about the study in Social Funds, The Guardian, Associated Press, New York Times, Wall Street Journal, Washington Post, Financial Times, Investment News, Securities Law360, Red Herring, and Los Angeles Times.
Noted in USA Today, Mar 29, 2007, Forbes, Dec 18, 2006, MSNBC, Dec 18, 2006, and Houston Chronicle, Dec 18, 2006.
Powerpoint presentation

Lucky CEOs
(with Yaniv Grinstein & Urs Peyer)
Harvard Law School Olin Discussion Paper No. 566, November 2006.
Media coverage about the study in Social Funds, Atlanta Journal-Constitution, Associated Press, Boston Globe, New York Times, Wall Street Journal, Washington Post, Financial Times, and Los Angeles Times.
Noted in Financial Times, Dec 10, 2006, Investment News, Nov 27, 2006, The Independent, Nov 18, 2006, Houston Chronicle, Dec 14, 2006, and Houston Chronicle, Dec 9, 2006.

On the Validity of Poison Pill By-laws
(with Jay W. Eisenhofer, Stuart M. Grant, Michael J. Barry, and P. Bradford deLeeuw)
Working Draft, June 2006.

Placing Election Bylaws on the Corporate Ballot
(with Allen Ferrell, Reinier Kraakman, Mark Roe, and Guhan Subramanian)

2005

Firm Expansion and CEO Pay
(with Yaniv Grinstein)
Harvard Law School Olin Discussion Paper No. 533, November 2005

A Political Economy Model of Investor Protection
(with Zvika Neeman)
Incomplete Working Draft, July 2005.

2003

Symposium on Corporate Elections
(Lucian Bebchuk, editor), 11/2003
Harvard Law School Olin Discussion Paper No. 448, November 2003

2002

Misreporting Corporate Performance
(with Oren Bar-Gill)
Harvard Law School Olin Discussion Paper No. 400, November 2002.

Asymmetric Information and the Choice of Corporate Governance Arrangements
Harvard Law School Olin Discussion Paper No. 398, October 2002.

Executive Compensation in America: Optimal Contracting or Extraction of Rents?
(with Jesse Fried and David Walker)
Harvard Olin Discussion Paper No. 366, June 2002
Revised as "Managerial Power and Rent Extraction in the Design of Executive Compensation" (2002)

2001

Ex Ante Investments and Ex Post Externalities
Harvard Olin Discussion Paper No. 397, December 2001

Takeover Bids vs. Proxy Fights in Contests for Corporate Control
(with Oliver Hart)
Harvard Olin Discussion Paper No. 336, October 2001
NBER Working Paper No.8633

1999

A Rent Protection Theory of Corporate Ownership and Control
NBER Working Paper No. 7203 (1999)