Boards

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...

Women on Boards: The Superheroes of Tomorrow?

Can female directors help save economies and the firms on whose boards they sit? Policy makers seem to think so. Numerous countries have implemented...

Bankers on the Boards of German Firms: What they do, what they are worth, and why they are (still) there

Barriers to Boardrooms

Boardroom diversity policies link societal and corporate governance objectives. To understand whether they can meet both objectives, we argue one...

Underpricing and CEO Stock Options: Do Board Characteristics Matter?

This paper examines the conditions under which CEOs are able to affect the timing and the price of the stock options they are granted at the time of their...

Comparative Corporate Governance: The State of the Art and International Regulation

Standing Voting Instructions: Empowering the Excluded Retail Investor

Despite the increasing importance of shareholder voting, regulators have paid little attention to the rights of retail investors who own...

Non-Shareholder Voice in Bank Governance: Board Composition, Performance and Liability

Starting from the well-evidenced fact that banks with shareholder-focussed corporate governance fared worse in the financial crisis than those...

Retail Shareholder Participation in the Proxy Process: Monitoring, Engagement, and Voting

We study retail shareholder voting using a nearly comprehensive sample of U.S. ownership and voting records. Analyzing turnout within a rational...