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Institutional Investors and the Fight Against Climate Change
In: Swiss Finance Institute Research Paper No. 24-26
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Contracting between Firms: Empirical Evidence
In: Review of Economics and Statistics, Forthcoming
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Working paper
HOW DO MANAGERS BEHAVE IN STOCK OPTION PLANS? CLINICAL EVIDENCE FROM EXERCISE AND SURVEY DATA
In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association, Band 32, Heft 2, S. 123-155
ISSN: 1475-6803
AbstractWe use unique case study data to analyze the behavior of top managers in an executive stock option plan. We gather questionnaire data on the managers' traits and combine it with exercise data. Managers in our sample expect low volatilities (compared to historical estimates) and are well diversified and modestly risk averse. This implies that the value–cost wedge of options can be smaller than usually assumed. The exercise decisions vary with expected volatility, managerial wealth, and mental accounting. Managers expecting lower volatility exercise earlier. This result is consistent with the predictions of expected utility models using our managers' survey parameters.
Corporate Climate Lobbying
In: Swiss Finance Institute Research Paper No. 24-14
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Lawyer Expertise and Contract Design—Evidence from M&A Negotiations
In: The economic journal: the journal of the Royal Economic Society, Band 132, Heft 642, S. 644-674
ISSN: 1468-0297
Abstract
We argue that the relative expertise of contracting parties strongly affects contractual outcomes. Using unique data on company acquisition contracts, we document that lawyers with higher expertise relative to their counterparties negotiate better risk allocation for their clients and more favourable target prices. The benefits of high expertise outweigh its costs, largely because high-expertise lawyers economise on transaction costs by shortening negotiation times. Our findings suggest a need for explicit modelling of contracting skills, and they help explain heterogeneity in legal fees across law firms and the role of league tables of law firms.
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Institutional Investors and Corporate Governance
In: Foundations and Trends in Finance, forthcoming
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Is History Repeating Itself? The (Un)Predictable Past of ESG Ratings
In: European Corporate Governance Institute – Finance Working Paper 708/2020
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Carbon Tail Risk
In: The Review of Financial Studies, Band 2021, Heft 34(3)
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Lawyer Expertise and Contract Design Â?? Evidence from M&A Negotiations
In: CEPR Discussion Paper No. DP14936
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The Importance of Climate Risks for Institutional Investors
In: Swiss Finance Institute Research Paper No. 18-58
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Working paper
The EU Taxonomy and the Syndicated Loan Market
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