Research
My research interests are in the areas of Corporate Finance and Corporate Governance.
Publications:
"Leverage and Internal Capital Markets: Evidence From Leveraged Recapitalizations", (with Anil Shivdasani), Journal of Financial Economics 59, March 2001, p. 477-515.
"Board Overlap, Seat Accumulation, and Share Prices", (with Claudio Loderer) European Financial Management Vol 8, No 2, June 2002, 165-192.
"The Many Facets of Privately Negotiated Stock Repurchases", (with Theo Vermaelen), Journal of Financial Economics 75, February 2005, 361-395.
"Board seat accumulation by executives: a shareholder's perspective" (with Tod Perry), Journal of Finance 60, August 2005, 2083-2123.
"Takeover defenses and competition: The role of the stakeholders", 2008 (with Martijn Cremers, and Vinay Nair), Journal of Empirical Legal Studies 5, 791-818.
"The Nature and Persistence of Buyback Anomalies" 2009. (with Theo Vermaelen), Review of Financial Studies 22, 1693-1745. (link to working paper)
"Corporate Governance and the timing of option grants", 2008 (with Lucian Bebchuk, and Yaniv Grinstein), conditionally accepted Journal of Finance.
Working Papers:
"What matters more for entrepreneurial success: Skills, personality, or luck?", 2009, (with Claudio Loderer, and Diego Liechti)
"CEO Centrality", 2008 (with Lucian Bebchuk, and Martijn Cremers)
"Pay distribution in the top executive team", 2007 (with Lucian Bebchuk, and Martijn Cremers)
"The impact of fraudulent earnings manipulation on industry rivals", 2008 (with Eitan Goldman and Irina Stefanescu)
"Weak shareholder rights: A product market rationale", 2007 (with Martijn Cremers, and Vinay Nair)
"Limits of arbitrage and corporate financial policy" 2006. (with Massimo Massa and Zhenxu Tong)
"Why do CEOs increase their equity-based compensation? Because they have to" 2005. (with Massimo Massa and Nishant Dass)
"Stock market performance of family firms" 2006. (with Marcel Corstjens, Ludo van der Heyden)
"Internal and External Capital Markets" 2002. (Dissertation)
Winner of the Trefftz Award for Best Student Paper at the Western Finance Association Meetings, 2001"Lucky CEOs", 2006 (with Lucian Bebchuk, and Yaniv Grinstein)
"Lucky Directors", 2007 (with Lucian Bebchuk, and Yaniv Grinstein)
Articles in Newspapers:
Op-Ed: ‘Lucky’ Grants Point to a Deeper Governance Malaise
(with Lucian Bebchuk)
Financial Times, December 18, 2006.Escandalos com esquemas de pagamentos a gestores vao continuar (Interviewed by Luis Villabos)
Economia, May 18, 2007 (p. 18/19).
Media Mentionings
“Lucky CEOs”, with Lucian Bebchuk, and Yaniv Grinstein. NBER working paper. [6a]
Articles about the study in New York Times, Wall Street Journal, Washington Post, Financial Times, Social Funds, Atlanta Journal-Constitution, Associated Press, Boston Globe, 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. International Herald Tribune (Nov. 17, 2006), The Independent (Nov. 18, 2006).
“Lucky Directors”, with Lucian Bebchuk, and Yaniv Grinstein. NBER working paper. [6b]
Articles about the study in New York Times, Wall Street Journal, Washington Post, Financial Times, Social Funds, The Guardian, Associated Press, 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, Houston Chronicle, Dec 18, 2006, and Forbes.com, Aug 14, 2007.
“Pay Distribution in the Top Executive Team”, with Lucian Bebchuk, and Martijn Cremers. [8]
Noted in Forbes, March 12, 2007.
“The Nature and Persistence of Buyback Anomalies”, with Theo Vermaelen, forthcoming Review of Financial Studies. [5]
Noted in: Financial Times (Oct. 20, 2006), New York Times (Dec. 3, 2006)
“Leverage and Internal Capital Markets: Evidence from Leveraged Recapitalizations”:
with Anil Shivdasani, Journal of Financial Economics 59, March 2001, 477-515. [1]
Two summary articles have been published on this paper:
“Why debt can hurt corporate growth”, by Dun Gifford Jr., MIT Sloan Management Review, Spring 2001, Vol. 42, No. 3, p. 18.
”Too Little Equity May Breed Myopia”, by Marie Leone, CFO Magazine, September 2001,
p. 22.