This paper provides an overview of the academic literature on the market for corporate
control, and focuses specifically on firms' performance around and after a takeover. Despite …

We explore whether lenders' decisions to provide liquidity in periods of distress are affected
by the extent to which they internalize the negative spillovers of industry downturns. We …

We provide direct evidence of leverage-induced fire sales contributing to a market crash
using account-level trading data for brokerage-and shadow-financed margin accounts …

A controlling shareholder can pledge shares to secure personal loans while retaining
control of the firm, but share pledging increases the risk of a margin call and the possibility of …

Sackler Bankruptcy Filing, and Page 1 "A Bitter Result": Purdue Pharma, a Sackler Bankruptcy
Filing, and Improving Monetary and Nonmonetary Recoveries in Mass Tort Bankruptcies by …

We use granular data covering regulated (brokerage-financed) and unregulated (shadow-
financed) margin trading during the 2015 market turmoil in China to provide the first …

Firms that buy assets in fire sales earn excess returns that are 2 percentage points higher
than in regular acquisitions. The mechanism behind this result is the sellers' reduced …

In this study, we present a novel measurement approach for systemic risk by considering an
indirect network structure. In a departure from previous studies, this measurement method …

Little is known about how credit affects housing prices from the housing supply side. The
Chinese government has implemented a differential credit tightening policy for the real …

Sunk costs are unrecoverable costs that should not affect decision-making. I provide
evidence that firms systematically fail to ignore sunk costs and that this leads to significant …