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modelling boundedly rational agents (Gabaix, 2014, Quarterly Journal of Economics). ... confident that we can produce an interesting piece of work out of this research project.

Information, its acquisition and its dissemination in populations, are at the heart of financial economics, be it in understanding individuals’ or firms’ investment decisions or in the valuation of real and ... DeMarzo, P. M., D. Vayanos and J.

3. Directors Duties Laws and Long-Term Firm Value. This paper has been presented at academic conferences and seminars and will be submitted to the Quarterly Journal of Economics within the ... Dissemination. 1. Shadow Pills and Long-Term Firm Value. This

Affect Real Investment1. James Dow2. London Business School. Itay Goldstein3. University of Pennsylvania. ... 1 Introduction. Informational efficiency is a central tenet of financial economics.

prices closer to fundamentals, encouraging pooling at high leverage. Acting as borrower of. ... chennessy@london.edu. We thank seminar participants at Toulouse School of Economics, the Bachelier Seminar, Uni-.

Figure 1 compares the time series of seasoned equity issuance with asset sales. ... While some of these sales may have been motivated by operational reasons, fi-.

Information Acquisition and Corporate Debt Illiquidity. Ilona BabenkoW. P. Carey School of Business,. ... Arizona State University. Lei MaoWarwick Business School,University of Warwick. September 11, 2015.

and the associated economics of scale. Under a multinomial logistic regression framework, I. ... economics of scale. 3.3 Role of the Big Three in the ETF Market.

This cost. has to be set against the tax shield benefits of debt. ... to the risk of liquidation and hence different degrees of effective risk aversion.

sibility of disciplining management through the threat of intervention and. threat of exit. ... terventions, and a stronger disciplinary role played by the threat of exit leads.

Corresponding Author: Department of Finance, Stockholm School of Economics, Drottninggatan98, Stockholm, Sweden, SE 111-60, E-mail: jungsuk.han@hhs.se, Telephone: 46 8 736 9158, Fax: 468 312327. ... We also thank seminar participants at BI

University of Oxford. Michael J. RebelloSchool of Management. University of Texas at Dallas. ... 2012]). In most models,. reputation is tied to specific characteristics of an agent.

thanks the Paul Woolley Centre at the LSE for nancial support and the Faculty of Economics at Cambridge. ... activism procyclical?yStockholm School of Economics and Swedish House of Finance, CEPR, ECGI, and FMG.

hold highly concentrated portfolios, due to the indivisibility of assets, their capital inten-. ... which may or may not be representative of the city as a whole.

annual meetings (Philadelphia), the 4th Paris Spring Corporate Finance Conference, the CEPR Workshop on Entre-preneurship Economics, as well as seminar participants at the University of Amsterdam, Collegio Carlo Alberto, andUniversity ... This holds true

raise future financing. The second interpretation extends the idea of governance through exit. ... signal of industry prospects than if a focused firm scaled back its operations.

Erwan Morellec acknowledges financial support from the Swiss Finance Institute.†Toulouse School of Economics.‡Erasmus University Rotterdam.Swiss Finance Institute, EPFL, and CEPR.Toulouse School of Economics. ... mainstream literature in financial