## Research

“[Negative Hedging: Performance Sensitive Debt and CEOs' Equity Incentives](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1008183),” Alexei Tchistyi, David Yermack and Hayong Yun, Journal of Financial and Quantitative Analysis(forthcoming)

“[How Much of the Diversification Discount Can be Explained by Poor Corporate Governance?](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1341006)” Daniel Hoechle, Markus M. Schmid, Ingo Walter and David Yermack (2011), *Journal of Financial Economics* (forthcoming)

“[Investor Reactions to CEOs’ Inside Debt Incentives](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1519252),” David Yermack and Chenyang (Jason) Wei (2011), *Review of Financial Studies* (forthcoming)

“[The Effect of Risk on the CEO Market](http://pages.stern.nyu.edu/~xgabaix/papers/incentivesequilibrium.pdf),” Alex Edmans and Xavier Gabaix (2010), *Review of Financial Studies* (forthcoming)

"[Do Non-Financial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers](http:/papers.ssrn.com/sol3/papers.cfm?abstract_id=972046)," Jason Chen, Marcin Kacperczyk, and Hernan Ortiz-Molina (2011), *Review of Finance* (forthcoming)

“[Creditor Rights and Corporate Risk-taking](http://pages.stern.nyu.edu/~sternfin/vacharya/public_html/aal_cr_cr.pdf),” Viral Acharya, Yakov Amihud and Lubomir Litov (2011), *Journal of Financial Economics* (forthcoming)

"[Security-Voting Structure and Bidder Screening](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=962137)," Christian At, Mike Burkart, and Samuel Lee (2010), *Journal of Financial Intermediation* (forthcoming)

"[The Structure and Formation of Business Groups: Evidence from Korean Chaebols](http://pages.stern.nyu.edu/~msubrahm/papers/Pyramids.pdf)," Heitor Almeida, Sang Yong Park, Marti Subrahmanyam, and Daniel Wolfenzon (2010), *Journal of Financial Economics* (forthcoming)

“[Dynamic CEO Compensation](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1361797),” Alex Edmans, Xavier Gabaix, Tomasz Sadzik, Yuliy Sannikov (2011)

“[Corporate Governance, Product Market Competition, and Equity Prices](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1324016),” Xavier Giroud and Holger Mueller, *Journal of Finance* [66:2:](http://onlinelibrary.wiley.com/doi/10.1111/jofi.2011.66.issue-2/issuetoc)563–600 (2011)

“[Cross-country Variations in Capital Structures: The Role of Bankruptcy Codes](http://pages.stern.nyu.edu/~sternfin/vacharya/public_html/acharya_sundaram_john.pdf),” Viral Acharya, Kose John, and Rangarajan K. Sundaram, *Journal of Financial Intermediation* 20: 25-54(2011)

“[The Internal Governance of Firms](http://pages.stern.nyu.edu/~sternfin/vacharya/public_html/InternalGovernance_092010.pdf),” Viral Acharya, Stewart Myers and Raghuram Rajan, *Journal of Finance* 66:3 (2011)

“[Technological Change and the Growing Inequality in Managerial Compensation](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1354531),” Hanno Lustig, Chad Syverson, and Stijn Van Nieuwerburgh, *Journal of Financial Economics* 99:3: 601-627 (2011)

“[Estimation of employee stock option exercise rates and firm cost](http://pages.stern.nyu.edu/~jcarpen0/pdfs/CarpenterStantonWallace2.pdf),” Jennifer N. Carpenter, Richard Stanton and Nancy Wallace (2011)

"[Implicit Guarantees and Risk Taking](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1769025)," Marcin Kacperczyk and Philipp Schnabl (2011)

[Does The Stock ](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1603484)[Market Distort Investment Incentives?](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1603484)["](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1603484) John Asker, Joan Farre-Mensa and Alexander Ljungqvist (2011)

["Labor Unemployment Risk and Corporate Financing Decisions](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1667035),” Ashwini K. Agrawal and David A. Matsa (2011)

[Dividends as Reference Points: A Behavioral Signaling Model](http://www.bus.wisc.edu/finance/workshops/documents/BehavioralSignalingv2.pdf),” Jeffrey Wurgler and Malcolm Baker (2011)

"[Private Placements to Owner-Managers: Theory and Evidence](http://pages.stern.nyu.edu/~msubrahm/papers/Pref%20Allot.pdf)" (previously titled "Private Placements, Regulatory Restrictions and Firm Value: Theory and Evidence from the Indian Market"), V. Ravi Anshuman, Vijaya B. Marisetty, and Marti G. Subrahmanyam (2011)

["Corporate Governance Objectives of Labor Union Shareholders: Evidence from Proxy Voting](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1285084),” Ashwini K.Agrawal(2010)

“[Does Corporate Governance Matter in Competitive Industries?](http://www.stern.nyu.edu/~hmueller/papers/pmc.pdf)” Xavier Giroud and Holger Mueller, *Journal of Financial Economics* (2010)

“[CEO Replacement under Private Information](http://www.stern.nyu.edu/~hmueller/papers/CEO.pdf),” Roman Inderst and Holger Mueller, *Review of Financial Studies* (2010)

“[Optimal exercise of executive stock options and implications for firm cost](http://pages.stern.nyu.edu/~jcarpen0/pdfs/CarpenterStantonWallace1.pdf),” Jennifer N. Carpenter, Richard Stanton and Nancy Wallace, *Journal of Financial Economics* 98:315-337 (2010)

["](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1507762)[Monitoring Managers: Does It Matter?"](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1507762) Francesca Cornelli, Zbigniew W. Kominek and Alexander Ljungqvist (2010)"

“[Corporate Governance Externalities](http://pages.stern.nyu.edu/~sternfin/vacharya/public_html/acharya_volpin.pdf),” Viral Acharya and Paolo Volpin, *Review of Finance* 14:1:1-33 (2010)

“[Competition for Managers, Corporate Governance and Incentive Compensation](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1572994),” Viral Acharya, Marc Gabarro and Paolo Volpin (2010)

“[Wrongful Discharge Laws and Innovation](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1570663),” Viral Acharya, Ramin Baghai, and Krishnamurthy Subramanian (2010)

“[Corporate Governance and Value Creation: Evidence from Private Equity](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1324016)” with Moritz Hahn and Conor (2010)

"[Signaling in Tender Offer Games](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1342203)," Mike Burkart and Samuel Lee (2010)

"[Authority versus Loyalty: Social Incentives and Modes of Governance](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1621154)," Samuel Lee and Petra Persson (2010)

“[Is a Higher Calling Enough? Incentive Compensation in the Church](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1303853),” Jay C. Hartzell, Christopher A. Parsons, and David Yermack, *Journal of Labor Economics* 28:3:509-539 (2010)

“[Shareholder Voting and Corporate Governance](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1523562),” David Yermack, *Annual Review of Financial Eco*nomics 2:103-125 (2010)

"[Group Affiliation and the Performance of Initial Public Offerings in the Indian Stock Market](http://pages.stern.nyu.edu/~msubrahm/papers/IndianIPO.pdf)," Vijaya B. Marisetty and Marti G. Subrahmanyam, *Journal of Financial Markets*, 13:1:196-223 (2010)

[“The Impact of Investor Protection Law on Corporate Policy: Evidence from the Blue Sky Laws](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1442224),” Ashwini K.Agrawal(2009)

“[Bankruptcy Codes and Innovation](http://pages.stern.nyu.edu/~sternfin/vacharya/public_html/acharya_subramanian.pdf)” Viral Acharya and Krishnamurthy Subramanian, *Review of Financial Studies* 22:12:4949-4988 (2009)

“[Managerial Hedging, Equity Ownership, and Firm Value](http://pages.stern.nyu.edu/~sternfin/vacharya/public_html/acharya_bisin.pdf),” Viral Acharya with Alberto Bisin, *Rand Journal of Economics* 40:1:47-77 (2009)

“[Private Equity versus Plc Boards in the U.K.: A Comparison of Practices and Effectiveness](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1394688),” Viral Acharya, Conor Kehoe and Michael Reyner, *Journal of Applied Corporate Finance* 21:1:45-56 (2009)

“[Labor Laws and Innovation](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1333621)” Viral Acharya, Ramin Baghai and Krishnamurthy Subramanian (2009)

“[Deductio Ad Absurdum: CEOs Donating Their Own Stock to Their Own Family Foundations](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1096257),” David Yermack, *Journal of Financial Economics* 94:1:107-123 (2009)

“[A Multiplicative Model of Optimal CEO Incentives in Market Equilibrium](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=999096),” Alex Edmans, Xavier Gabaix and Augustin Landier, *Review of Financial Studies* 22:12:4881-4917 (2009)

“[The effect of reference point prices on mergers and acquisitions](http://pages.stern.nyu.edu/~jwurgler/papers/wurgler_baker_pan.pdf),” Malcolm Baker, Xin Pan and Jeffrey Wurgler (2009)

“[Why Has CEO Pay Increased So Much?”](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=901826) Xavier Gabaix and Augustin Landier, *Quarterly Journal of Economics* 123:1:49-100 (2008)

"[One Share - One Vote: The Theory](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1103995)," Mike Burkart and Samuel Lee, *Review of Finance* 12:1:1-49 (2008)

"[An Analysis of Shareholder Agreements](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=299420)," Gilles Chemla, Alexander Ljungqvist and Michel A. Habib, *Journal of the European Economic Association* (2007)