The International Center for Finance at the Yale School of Management

Corporate Finance Research Initiative

The Yale ICF corporate finance research group investigates a wide range of topics. Among them,

Corporate Governance: see our Corporate Governance webpage.
Corporate Control: Toeholds. Takeover Premia. Takeover Threats. Bankruptcy. The Role of Governments.
Investment Banking: Capital Structure. IPOs. Dividend Policy. Securities Regulation. Choice of Investors.
Global Issues: Currency Crises. The Euro.

Participating scholars at Yale include:

Arturo Bris, Yale School of Management and International Center for Finance
Judith Chevalier, Yale School of Management
Alan Schwartz, Yale Law School
Roberta Romano, Yale Law School
Matthew I. Spiegel, Yale School of Management and International Center for Finance
Ivo Welch, Yale School of Management and International Center for Finance

However, this list represents a view of corporate finance that is far too narrow. Interaction between researchers and research areas at SOM are strong, and much related research touches on issues of relevance for corporations. For example, there is an active research agenda at ICF on the equity premium, which is of prime importance in capital budgeting. (Roger Ibbotson, Will Goetzmann and Ivo Welch are active researchers in this arena.) Our corporate governance faculty also includes researchers from outside traditional finance, e.g., Jeffrey Sonnenfeld (organizational behavior), who regularly interact with researchers in our corporate finance area. Visiting faculty are also active contributors. For example, in 2003, Itzhak Venezia (Hebrew University) and Avri Ravid (Rutgers University) both visited and contributed to a lively corporate finance environment.

A sample of recent papers follows. (Links to abstracts and download or purchase sites)

Efficiency and the Bear: Short Sales and Markets Around the World
Arturo Bris, William Goetzmann and Ning Zhu

The Euro is Good After All: Corporate Evidence
Arturo Bris, Yrjo Koskinen, and Mattias Nilsson

Adopting Better Corporate Governance: Evidence from Cross-Border Mergers
Arturo Bris and Christos Cabolis

Do Insider Trading Laws Work?
Arturo Bris

Investor Protection and Corporate Governance
Rafael La Porta, Florencio Lopez de Silanes, Andrei Shleifer and Robert W. Vishny

The Regulation of Entry
Simeon Djankov, Rafael La Porta, Florencio Lopez de Silanes and Andrei Shleifer

Related Lending
Rafael La Porta, Florencio Lopez de Silanes and Guillermo Zamarripa

Courts: The Lex Mundi Project
Simeon Djankov, Rafael La Porta, Florencio Lopez de Silanes and Andrei Shleifer

The Benefits of Privatization: Evidence from Mexico
Rafael La Porta and Florencio Lopez de Silanes

Corporate Law and Corporate Governance
Roberta Romano

Less is More: Making Institutional Investor Activism a Valuable Mechanism of Corporate Governance
Roberta Romano

Event Studies and the Law - Part II: Empirical Studies of Corporate Law
Sanjai Bhagat and Roberta Romano

A First Course in Finance
Ivo Welch

A Review of IPO Activity, Pricing and Allocations
Jay Ritter and Ivo Welch

Capital Structure and Stock Returns
Ivo Welch

The Effect of Sociall Activist Investment Policies on the Financial Markets: Evidence from the South African Boycott
Siew Hong Teoh, Ivo Welch and C. Paul Wazzan

Earnings management and the Post-Issue Underperformance of Seasoned Equity Offerings.
Siew Hong Teoh, Ivo Welch and T.J. Wong

A Theory of Dividends Based on Tax Clienteles
Franklin Allen, Antonio Bernardo and Ivo Welch

Data Resources for ICF Fellows

Coming Soon