Mobility Restrictions and Risk-Related Agency Conflicts
Stricter enforcement of post-employment restrictions that strengthens trade secrets protection also limits CEOs’ alternative employment...
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Powerful Independent Directors
Shareholder valuations are economically and statistically positively correlated with independent directors? power, gauged by social network power...
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Lift not the Painted Veil! To Whom are Directors? Duties Really Owed
In this article, we identify a fundamental contradiction in the law of fiduciary duty of corporate directors across jurisdictions, namely the tension...
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The Dark Side of Industry Tournament Incentives
We find that firms whose CEOs face stronger industry tournament incentives, measured by their pay gap relative to the highest industry CEO pay, engage in...
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Board Structure and Price Informativeness
We develop and test the hypothesis that private information incorporated into stock prices (price informativeness) affects the structure of...
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Does It Pay to Go Global in the Boardroom? The Effect of Foreign Directors on Corporate Governance and Performance
We examine the benefits and costs associated with foreign independent directors (FIDs) at U.S. corporations. We find that firms with FIDs make better...
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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...
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Earning Investor Trust: The Role of Past Earnings Management
Does earnings management, even though legal, hinder investor trust in reported earnings? Or do investors regard earnings management as a way for firms...
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The Lost Decade for Hedge Funds: Three Threats
The last decade has challenged the paradigm of the hedge fund industry as a unique performer. We identify three main factors that have affected the...
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