Richmond Mathews

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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 efficiency(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.
Two women, one with refractory postabortion hemorrhage and the other with refractory postpartum hemorrhage, were managed with vasopressin, operative hysteroscopy, and a dilute vasopressin pack. Both patients had been treated by standard methods (i.e., dilation and curettage) and both were being prepared for a surgical intervention procedure. It was decided(More)
We study how the boundaries of a firm are determined by product market rivals’ strategic responses to the decision to operate an internal capital market. An internal capital market provides resource flexibility but does not allow the firm to commit to specific capital allocations in advance. A stand-alone firm, in contrast, raises capital ex ante in(More)
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)
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)
We study how the possibility of separating voting interests from economic ownership (“empty voting”) affects the efficiency of corporate governance. In our model, a strategic trader (such as a hedge fund) observes that a management proposal is up for a vote, and can accumulate a position in the stock prior to the record date. It can also effectively “buy”(More)