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...
Read moreWorking Paper
Barriers to Boardrooms
Boardroom diversity policies link societal and corporate governance objectives. To understand whether they can meet both objectives, we argue one...
Read more
Women on Boards: The Superheroes of Tomorrow?
Can female directors help save economies and the firms on whose boards they sit? Policy makers seem to think so. Numerous countries have implemented...
Read more
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...
Read more
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...
Read more
CEO Tenure, Performance and Turnover in S&P 500 Companies
The centrality of the CEO is reflected in the empirical literature linking CEO turnover to poor firm performance. However, less is known about the...
Read more
Beyond the Glass Ceiling: Does Gender Matter?
The representation of women in top corporate officer positions is steadily increasing. However, little is known about the impact this will have. A large...
Read more
The Real Costs of Financial Efficiency When Some Information Is Soft
This paper shows that improving financial efficiency may reduce real efficiency. While the former depends on the total amount of information...
Read more
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...
Read more