Management

Executive Promotions: Compensation, CEO Influence and Firm Valuation

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...

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...

On-Going Board Reforms: One-Size-Fits-All and Regulatory Capture

Limited managerial attention and corporate aging

As firms have more assets in place, more of management?s limited attention is focused on managing assets in place rather than developing new growth...

The Effect of Board Structure on Firm Value: A Multiple Identification Strategies Approach Using Korean Data

Outside directors and audit committees are widely considered to be central elements of good corporate governance. We use a 1999 Korean law as an...

Understanding the Board of Directors after the Financial Crisis

There are numerous studies on the effectiveness of boards that primarily focus on legal formalities, including gender diversity, board size,...

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...

Managerial Response to Shareholder Empowerment: Evidence from Majority Voting Legislation Changes

This paper studies how managers react to shareholder empowerment vis-à-vis governance provisions. We show that a staggered legislative change that...

Stop Blaming Milton Friedman!

A 1970 New York Times essay on corporate social responsibility by Milton Friedman is often said to have launched a shareholder-focused reorientation of...

Rewarding Outside Directors

The Rising Tension between Shareholder and Director Power in the Common Law World

This article explores the rising tension between shareholder and director power in the common law world. First the article analyzes key arguments in the...