investor protection

    Papers & Opinions

    Corporate finance | Electoral politics | Theory

    Electoral Labor Politics and Firm-Level Investor Protection

    Paper

    Posted on 6 February 2026

    By Stylianos Papageorgiou

    Electoral politics sets worker rents, and boards choose investor protection that secures outside investors’ cash-flow claims and compresses managerial rents. With managers and workers under moral hazard, extreme rent splits...
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    Corporate finance | Empirics | Political institutions

    Democracy as a Fundamental Determinant of Cross-Border Merger Activity

    Paper

    Posted on 5 September 2022

    By Thomas Lambert

    Does democracy shape international merger activity? If so, how? The short answer is yes because democratic institutions are conducive to higher-quality corporate governance. In a new paper, we examine 104,425...
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