Indices

On the Insignificance and/or Endogeneity of La Porta et al.'s 'Anti-Director Rights Index' under Consistent Coding

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...

Does 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...

Indexing 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...

The 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...

The 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...

Corporate 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...

Does 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...

Predicting 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...