Working Paper
Governance through Shame and Aspiration: Index Creation and Corporate Behavior
After decades of de-prioritizing shareholders' economic interests and low corporate profitability, Japan introduced the JPX-Nikkei400 in 2014. The...
Read moreDoes Greater Public Scrutiny Hurt a Firm's Performance?
Public attention to a firm may provide valuable monitoring, but it may also have a dark side by constraining management’s decisions and distracting...
Read moreIndexing Executive Compensation Contracts
We analyze the efficiency of indexing executive pay by calibrating the standard model of executive compensation to a large sample of US CEOs. The...
Read moreThe Promise and Peril of Corporate Governance Indices
Financial economists and commercial providers of governance services have in recent years created measures of the quality of firms' corporate...
Read moreThe New Titans of Wall Street: A Theoretical Framework for Passive Investors
Passive investors—ETFs and index funds—are the most important development in modern-day capital markets, dictating trillions of dollars in...
Read moreCorporate Governance Indices and Construct Validity
We conduct an exploratory analysis of how researchers can address the issue of ?construct validity?, which poses a major challenge to all studies of the...
Read moreDoes Joining the S&P 500 Index Hurt Firms?
We investigate the impact on firms of joining the S&P 500 index from 1997 to 2017. We find that the positive announcement effect on the stock price of...
Read morePredicting Firms' Corporate Governance Choices: Evidence from Korea
In a companion paper, we report evidence that a broad corporate governance index predicts higher share prices for Korean firms. Bernard Black, Hasung...
Read moreNews
Passive Investors
Passive investors, such as Vanguard or Blackrock, that track an index and have no discretion over their investments own a growing...Read more
Video
Prof. Jill Fisch (University of Pennsylvania Law School) presents her paper on "The New Titans of Wall Street: A Theoretical Framework for Passive Investors" at the "Corporate Governance And Ownership With Diverse Shareholders" conference at IESE Business School, Barcelona. Discussion of the paper is then presented by Prof. Rafael Repullo (Centro de Estudios Monetarios y Financieros (CEMFI)). The full paper and slides from this presentation can be downloaded here: ecgi.global/content/corporate-governance-and-ownership-diverse-shareholders#!event-programme