• Publications
  • Influence
A Theory of Workouts and the Effects of Reorganization Law
We present a model of a financially distressed firm with outstanding bank debt and public debt. Coordination problems among public debtholders introduce investment inefficiencies in the workoutExpand
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Internal Versus External Capital Markets
This paper presents a framework for analyzing the costs and benefits of internal vs. external capital allocation. We focus primarily on comparing an internal capital market to bank lending. WhileExpand
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Game Shows and Economic Behavior: Risk-Taking on “Card Sharks”
This paper studies individual risk-taking behavior with a unique data set: risky decisions of contestants during the threeyear history of the television game show, "Card Sharks." In the bonus roundExpand
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Learning about Internal Capital Markets from Corporate Spin-offs
We examine the investment behavior of firms before and after being spun off from their parent companies. Their investment after the spin-off is significantly more sensitive to measures of investmentExpand
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Simultaneous signalling to the capital and product markets
In this article we analyze an informed firm's choice of financial structure when the financing contract is observed not only by the capital market but also by a second uninformed party, such as aExpand
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The Value Maximizing Board
This paper compares board and director characteristics of reverse leveraged buyout (LBO) firms controlled by LBO specialists to those of an industry- and size-matched comparison sample. We considerExpand
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Organizing for Synergies
Large companies are usually organized into business units, yet some activities are almost always centralized in a company-wide functional unit. We first show that organizations endogenously create anExpand
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Essays in theoretical industrial organization
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Strategic Contractual Inefficiency and the Optimal Choice of Legal Rules
Two separate groups of academics have brought about a renaissance of sorts in the analysis of incomplete contracts. Law and economics scholars-writing in law reviews-have shown renewed interest inExpand
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Market Power and Mergers in Durable-Good Industries
THIS article investigates the effect on competition of mergers in industries that produce durable goods and shows how difficult it is to create market power through merger in a durable goodExpand
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