Working Paper
Independent directors and controlling shareholders around the world
In this paper, we examine independent directors as a legal transplant from dispersed ownership systems to concentrated ownership ones. We focus on...
Read moreDirectors’ Incentives from Potential Regulatory Penalties: Evidence from their Voting
What makes independent directors perform their monitoring duty? One possible reason is that they are concerned about being sanctioned by regulators if...
Read moreReputation Incentives of Independent Directors: Impacts on Board Monitoring and Adverse Corporate Actions
We find a large body of evidence that independent director reputation incentives can vary across directors and can significantly influence important...
Read moreThe Rise of Bankruptcy Directors
In this Article, we use hand-collected data to shed light on a troubling development in bankruptcy practice. We show that distressed companies,...
Read moreHow Valuable are Independent Directors? Evidence from External Distractions
We provide new evidence on the value of independent directors by exploiting exogenous events that seriously distract independent directors....
Read moreDeconstructing Independent Directors
In this paper we argue that boards of directors lack the mandate, the incentives and the ability to control insiders, especially in jurisdictions where...
Read moreBoard Structure and Price Informativeness
We develop and test the hypothesis that private information incorporated into stock prices (price informativeness) affects the structure of...
Read moreSeven Gaping Holes in Our Knowledge of Corporate Governance
In Closer Look, we highlight significant “holes” in our knowledge of corporate governance. These are central issues where insufficient or...
Read moreValue of Politically Connected Independent Directors: Evidence from the Anti-Corruption Campaign in China
A new regulation issued in the end of 2013 as part of the anti-corruption campaign in China leads to a wave of resignation of politically connected...
Read moreBank Governance
According to a common narrative, in addition to inadequate capital and liquidity, the failure of banks in the financial crisis also reflected their poor...
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