Management

The Supply of Corporate Directors and Board Independence

Boards of Banks

Is The Stock Market Biased Against Diverse Top Management Teams?

Using a novel text-based measure of top management team diversity, covering over 70,000 top executives in over 6,500 U.S. firms from 1999 to 2014, we show...

Shareholderism versus Stakeholderism – A Misconceived Contradiction. A Comment on “The Illusory Promise of Stakeholder Governance” by Lucian Bebchuk and Roberto Tallarita

This paper critiques an assessment by Bebchuk and Tallarita (BT) of the relative merits of shareholder and stakeholder governance. BT’s paper argues...

Do Analysts' Preferences Affect Corporate Policies?

Equity research analysts tend to cover firms about which they have favorable views. We exploit this tendency to infer analysts' preferences for...

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...

Barriers to Boardrooms

Boardroom diversity policies link societal and corporate governance objectives. To understand whether they can meet both objectives, we argue one...

Common Ownership, Competition, and Top Management Incentives

We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common...

The End of the Corporation

We are witnessing a quiet but quick transformation of corporate governance. The rise of digital technologies and social media are forcing companies to...

Directors’ Incentives from Potential Regulatory Penalties: Evidence from their Voting

What makes independent directors perform their monitoring duty? One possible reason is that they are concerned about being sanctioned by regulators if...

Market Liquidity, Investor Participation and Managerial Autonomy: Why do Firms go Private?

A Theory of Friendly Boards

This paper analyzes the consequences of the board's dual role as an advisor as well as a monitor of management. As a result of this dual role, the CEO faces a...