Learn More
We model corporate voting outcomes when an informed trader, such as a hedge fund, can establish separate positions in a firm's shares and votes (" empty voting "). The positions are separated by borrowing shares on the record date, hedging economic exposure, or trading between record and voting dates. We find that the trader's presence can improve(More)
We study how the creation of an internal capital market (an ICM) can invite strategic responses in product markets that, in turn, shape firm boundaries. ICMs provide ex post resource flexibility, but come with ex ante commitment costs. Alternatively, stand-alones possess commitment ability but lack flexibility. By creating flexibility, integration can(More)
If short sellers can destroy firm value by manipulating prices down in a " bear raid, " an informed blockholder has a powerful natural incentive to protect the value of his stake by trading against them. However, he also has an incentive to use his information to generate trading profits. We show that these conflicting objectives create a multiplier effect,(More)
If managers, creditors, or other firm counterparties use stock prices when making decisions, short sellers may attempt to manipulate prices, inducing decisions that reduce firm value. However, an informed long-term shareholder has a natural incentive to ensure that prices send the right message so that the value of his existing stake is not harmed. While he(More)
A case of lipoid proteinosis in an 18-year-old youth is presented. The typical clinical findings in patients with this rare disorder are discussed. Emphasis is placed on the radiographic and computed tomographic appearances. The bean-shaped calcific densities, which are located in the region of the hippocampi in this case, are illustrated.
We study how interactions between financing and investment decisions can shape firm boundaries in dynamic product markets. In particular, we model a new product market opportunity as a growth option and ask whether it is best exploited by a large incumbent firm (Integration) or by a separate, specialized firm (Non-Integration). Starting from a standard(More)
The "alarm" substance of the top smelt, Atherinops affinis (Ayres), has been isolated by extraction with methanol or ether from suffocated top smelt. These concentrated extracts, when introduced into an aquarium containing top smelt, induce a strong alarm reaction in the fish, characterized by rapid swimming, jumping, and often severe seizures. The fact(More)
This paper studies financial properties of venture-capital backed start-ups through a continuous-time real-options patent-race model. Numerical analysis shows that patent races, relative to a joint monopoly, cause over-investment, value-dissipation, a higher CAPM beta, a higher return volatility and more negative return correlation when firms intensively(More)