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...
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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...
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Investor Heterogeneity, Investor-Management Disagreement, and Share Repurchases
This paper develops and tests a new theoretical explanation for why a firm conducts open-market and privately-negotiated stock repurchases....
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Governance and the Financial Crisis
Should boards of financial firms be blamed for the financial crisis' Using a large sample of data on nonfinancial and financial firms for the period...
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Corporate Social Responsibility and Managerial Entrenchment
When stakeholder protection is left to the voluntary initiative of managers, relations with social activists may become an effective entrenchment...
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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...
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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...
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Serial CEO Incentives and the Structure of Managerial Contracts
I explore CEOs' incentives to select firm strategies and to acquire firm-specific skills when a few potential employers seeking to hire experienced...
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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...
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