Management

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...

Corporate Acquisitions, Diversification, and the Firm's Lifecycle

Outside Director Liability: A Policy Analysis

Outside directors of public companies play a central role in overseeing management. Nonetheless, they have rarely incurred personal, out-of-pocket...

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

Underpricing and CEO Stock Options: Do Board Characteristics Matter?

This paper examines the conditions under which CEOs are able to affect the timing and the price of the stock options they are granted at the time of their...

Sexism, Culture, and Firm Value: Evidence from the Harvey Weinstein Scandal and the #MeToo Movement

During the revelation of the Harvey Weinstein scandal and the subsequent re-emergence of the #MeToo movement, firms with a non-sexist corporate...

What Makes Autonomous Management Do Well? Corporate Governance without External Controls

Shareholders and Stakeholders: How do Directors Decide?

This study investigates how directors make decisions that involve shareholders and other stakeholders. Using vignettes derived from seminal court...

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....

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...

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...

The Effect of Corporate Disclosure Regulation on Managers’ Private Communications

The SEC adopted Regulation FD (Reg FD) to address the selective disclosure by issuers of material nonpublic information. Selective disclosure results...