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...
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Identifying the Effect of Managerial Control on Firm Performance
Using a unique sample, we attempt to identify the consequence of the separation between inside ownership and control for firm performance. We exploit...
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Regulatory Pressure and Bank Directors' Incentives to Attend Board Meetings
The primary way in which directors obtain necessary information is by attending board meetings. Bank directors, in particular, are strongly urged to...
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Do independent director departures predict future bad events?
Following surprise independent director departures, affected firms have worse stock and operating performance, are more likely to restate...
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Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent
We present a model where firms compete for scarce managerial talent ("alpha") and managers are risk-averse. When managers cannot move across firms...
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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...
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The Role of Boards of Directors in Corporate Governance: A Conceptual Framework & Survey
This paper is a survey of the literature on boards of directors, with an emphasis on research done subsequent to the Hermalin and Weisbach (2003) survey....
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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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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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The Effects of Management-Board Ties on IPO Performance
This paper studies the two potentially contrasting effects on IPO pricing and post-IPO operating performance of family ties as well as social ties the...
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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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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...
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