Leveraging as a quasi-natural experiment the staggered passage of universal demand laws,
which raise the difficulty of shareholder lawsuits, we examine the effect of shareholder …

I examine the effect of shareholder litigation rights on the governance of firms. My empirical
strategy exploits the staggered adoption of universal demand (UD) laws, which restrict …

Novel online activism of minority shareholders could be a new governance mechanism but
has received little academic attention. This study examines the impact of such minority …

We exploit the staggered adoption of universal demand (UD) laws, which hinders
shareholders' rights to initiate derivative lawsuits, by 23 states in the United States from 1989 …

We exploit the staggered adoption of the universal demand (UD) laws across US states,
which impedes shareholder rights to initiate derivative lawsuits, as a quasi-natural …

We investigate how risk-related agency conflicts affect valuable risky investments. Using an
exogenous negative shock to shareholders' litigation rights from an unanticipated court …

We examine the effect of shareholder litigation rights on managers' acquisition decisions.
Our experimental design exploits a US Ninth Circuit Court of Appeals ruling on July 2, 1999 …

While prior research holds the consensus that accounting conservatism can serve as an
effective monitoring device, it is not clear whether shareholders can successfully enforce …

We exploit US states' staggered adoption of Universal Demand laws to study how the risk of
shareholder lawsuits affects opportunistic insider trading. UD laws, which make it harder for …

Using the staggered adoption of universal demand (UD) laws in the United States, we show
that the reduction in shareholder litigation risk deteriorates firms' stock price informativeness …