Professor Cremer publishes in Journal of Finance

Professor Cremer’s paper "Thirty Years of Shareholder Rights and Firm Valuation" (with Allen Ferrell), is forthcoming in the Journal of Finance. The article highlights a new shareholder rights data set which tracks restrictions on shareholder rights. While most governance changes occurred during the 1980’s, Cremer’s research observes that the negative association between fewer shareholder rights and firm value appears only after the judicial approval of the poison pill and antitakeover defenses in the landmark Delaware Supreme Court decision of Moran v. Household.