Boards

Deadlock on the Board

We develop a dynamic model of board decision-making akin to dynamic voting models in the political economy literature. We show a board could retain a...

Board Diversity and Shareholder Voting

The lack of board diversity across gender and race has been one of the most controversial topics in corporate board governance in recent years. Given the...

Mind the gap: The Age Dissimilarity between the Chair and the CEO

We study the relation between the chair of the board of directors and the CEO. We argue that substantial age dissimilarity between the two - giving rise to...

Corporate Governance of Banks after the Financial Crisis

Board Ancestral Diversity and Firm Performance Volatility

We proxy for board members’ differences in opinions and values using directors’ ancestral origins and show that diversity has costs and benefits,...

Boards of Banks

Busy Directors: Strategic Interaction and Monitoring Synergies

We derive conditions for when having a "busy" director on the board is harmful to shareholders and when it is beneficial. Our model allows directors to...

Corporate Governance and Countervailing Power

The analysis of corporate governance has been a one-sided affair. The focus has been on “internal” accountability mechanisms, namely boards and...

Director Liability Protection and the Quality of Outside Directors

We investigate how state Universal Demand statutes (UD) that lower the risk of shareholder derivative lawsuits affect recruiting and retention of...

Will Nasdaq's Diversity Rules Harm Investors?

In December 2020, Nasdaq asked the Securities and Exchange Commission to approve new diversity rules. The aim is for most Nasdaq-listed firms to...

Social Diversity on Corporate Boards in a Country Torn by Civil War

We examine how social diversity and inclusiveness in corporate boards affect corporate performance and monitoring in Sri...

Boards in Europe - Accountability and Convergence

Corporate boards play a central role in corporate governance and therefore are regulated in the corporate law and corporate governance codes of all...