WORKING PAPERS

• Shareholder Activism and Corporate Leasing

(with Gaizka Ormazabal and Carles Vergara, Prepare for submission)

This paper studies the role of shareholder activism on corporate leases. We find that the presence of shareholder activists is associated with large increases in leasing. This association is stronger in periods of high real estate prices and for firms with larger amounts of real estate assets. We also find that higher leasing in the presence of activist investing is accompanied by higher dividend payments and lower investment. The leasing activity associated with shareholder activism is less common when the target firm is acquired or when there is a proxy fight. Finally, we find little evidence that this type of activism is related to corporate governance characteristics.

• Shareholder Activism and Corporate Spinoffs

This paper studies the effect of shareholder activism in in the context of corporate spinoffs. I find that it plays a significant role in firms’ decisions to spin off corporate units. However, my evidence does not support the view that shareholder activism generates value by disciplining managerial behavior; I observe little effect of activist-induced spinoffs on subsequent firm performance and no association between such transactions and firms’ governance characteristics.

WORKS IN PROGRESS

• Supply Chain Finance and Payment Practices

• Shareholder Activism and Corporate Carbon Emissions

(with Gaizka Ormazabal and Igor Kadach)