Boards

The History of Corporate Governance

“Corporate governance” first came into vogue in the 1970s in the United States. Within 25 years corporate governance had become the subject of...

Regulatory Pressure and Bank Directors' Incentives to Attend Board Meetings

The primary way in which directors obtain necessary information is by attending board meetings. Bank directors, in particular, are strongly urged to...

Why Does Corporate Governance Affect Firm Value: Evidence on a Self-Dealing Channel from a Natural Experiment in Korea

Prior work in emerging markets provides evidence that better corporate governance predicts higher market value, but very little on the specific...

Evaluating the Board of Directors: International Practice

Board evaluation can provide a vital tool for directors to review and improve their performance. This will eventually lead to significant value...

A Survey of Recent Evidence on Boards of Directors and CEO Incentives

This article surveys the recent literature on boards of directors and the interplay between director incentives and CEO incentives. The primary focus...

The Carrot and the Stick: Bank Bailouts and the Disciplining Role of Board Appointments

This paper empirically examines the Capital Purchase program (CPP) under TARP that was used by the U.S. government to bail out distressed banks with...

Why Do Bank Boards Have Risk Committees?

We develop a theory of bank board risk committees that explains why such committees can be valuable to shareholders even when they do not reduce bank risk....

Do Individual Directors Matter? Evidence of Director-Specific Quality

We create a new measure called director-specific quality (DSQ) that captures the collection of value-relevant transferable attributes unique to a...

Evolving Directors’ Duties in the Common Law World

Legal scholars have long discussed the gap, or “acoustic separation”, between stringent standards of conduct (“conduct rules”) and more...

Lift not the Painted Veil! To Whom are Directors? Duties Really Owed

In this article, we identify a fundamental contradiction in the law of fiduciary duty of corporate directors across jurisdictions, namely the tension...

Culture and Law in Corporate Governance

Understanding the role of culture in corporate governance has become a subject of growing importance. Today, no institutional analysis of corporate...

Are busy boards effective monitors?