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...

Performance and Behavior of Family Firms: Evidence From the French Stock Market

The Internal Governance of Firms

We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates....

Corporate Acquisitions, Diversification, and the Firm's Lifecycle

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...

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...

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

Corporate Governance Regimes, Investments in Human Capital and Economic Growth

Monitoring Managers: Does it Matter?

We study how well-incentivized boards monitor CEOs and whether such monitoring improves performance. Using unique, detailed data on boards’...

Equity Vesting and Investment

This paper links the CEO’s concerns for the current stock price to reductions in real investment. We identify short-term concerns using the amount of...

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...