International Corporate Governance
We survey two generations of research on corporate governance systems around the world, concentrating on countries other than the United States. The...
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Are Buybacks Good for Long-Term Shareholder Value? Evidence from Buybacks around the World
Using a sample of over 9,000 buyback announcements from 31 non-U.S. countries, we find support for the results of studies based on U.S. data: on average,...
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Accounting and Convergence in Corporate Governance: Doctrinal or Economic Path Dependence?
Convergence in corporate governance has been debated for more than 20 years. This paper seeks to explain convergence – and the lack thereof – in...
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Regulatory Show and Tell: Lessons from International Statutory Regimes
Historically, the evolution and growth of American corporate law has occurred with only limited and sporadic attention to international corporate...
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The International Scope of Say on Pay
Shareholders have long complained that top executives are overpaid by corporate directors irrespective of their performance. Largely powerless to...
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Corporate Inversions: Going Beyond Tax Incentives
We study tax and non-tax incentives for corporate inversions in a hand-collected dataset of 691 inversions out of 11 home countries into 45 host...
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Universal Corporate Governance
A widely accepted principle in finance is that good corporate governance is associated with higher firm value. However, what is “good governance”...
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Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences
We construct a firm-level governance index that increases with minority shareholder protection. Compared to U.S. matching firms, only 12.68% of...
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Why do countries matter so much for corporate governance?
This paper develops and tests a model of how country characteristics, such as legal protections for minority investors and the level of economic and...
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Socially Responsible Corporate Customers
Corporate customers are an important stakeholder in global supply chains. We employ several unique international databases to test whether socially...
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Merger-Driven Listing Dynamics
Stock-market effectiveness in attracting and retaining firms under public ownership depends not only on stand-alone firms' net listing benefits but...
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