Management

Managers, Workers, and Corporate Control

If management has high private benefits and a small equity stake, managers and workers are natural allies against takeover threats. Two forces are at...

The Team Production Model as a Paradigm

This paper forms part of the proceedings for the 6th Annual Berle Symposium (2014), which focused on Margaret Blair and Lynn Stout?s 1999 Virginia Law...

Do target CEOs sell out their shareholders to keep their job in a merger?

Bankers on the Boards of German Firms: What they do, what they are worth, and why they are (still) there

Corporate Governance Regimes, Investments in Human Capital and Economic Growth

Retail Shareholder Participation in the Proxy Process: Monitoring, Engagement, and Voting

We study retail shareholder voting using a nearly comprehensive sample of U.S. ownership and voting records. Analyzing turnout within a rational...

Why Have CEO Pay Levels Become Less Diverse?

We document that the cross-sectional variation in CEO pay levels has declined precipitously, both at the economy level and within industry and size...

Firm Age and Performance

Managerial Ownership Dynamics and Firm Value

Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent

We present a model where firms compete for scarce managerial talent ("alpha") and managers are risk-averse. When managers cannot move across firms...

On-Going Board Reforms: One-Size-Fits-All and Regulatory Capture

Mandatory Governance Reform and Corporate Risk Management

Using the Sarbanes-Oxley Act of 2002 as a quasi-natural experiment to identify the impact of corporate governance reform on foreign exchange risk...