Takeover law to protect shareholders: Increasing efficiency or merely redistributing gains?

Journal of Corporate Finance, Volume 43, 2017, Pages 288–315. Accepted manuscript available here. with Ying Wang Abstract: We construct a dynamic takeover law index using hand-collected data on legal provisions and empirically examine the effect of takeover regulation to protect shareholders on shareholder wealth for bidders and targets in a multi-country setting. We find that …

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Venture capital investments and the technological performance of portfolio firms

Research Policy, Volume 45, Issue 1, February 2016, Pages 303–318 (Open Access) with Andrea Mina Abstract: What is the relationship between venture capitalists’ selection of investment targets and the effects of these investments on the patenting performance of portfolio companies? In this paper, we set out a modelling and estimation framework designed to discover whether venture …

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Change to USS rules causes wealth transfers

The scheme proposed to replace the Universities Superannuation Scheme’s (USS) final salary section ignores career progression and other salary increases. This will lead to substantial wealth transfers from current members of the final salary section to other USS members. Under the proposed rules, the option for final-salary members to receive a pension based on a future pensionable salary will be removed retroactively, which reduces the value of those members’ accrued benefits.

Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments

Financial Management, Volume 43, Issue 2, pages 291–325, Summer 2014 (Open Access). with Andrea Mina Abstract: This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity …

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Dynamic financial constraints and innovation: Evidence from the UK innovation surveys

with Andrea Mina Abstract: Does innovation cause financial constraints? And how do financial constraints affect firm innovation activities? In this paper we address the challenge of separating bi-directional causal effects in the relationship between innovation and financial constraints. Using the longest panel that can to date be derived from the UK Innovation Surveys, we construct …

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