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...
Read moreShould boards of financial firms be blamed for the financial crisis' Using a large sample of data on nonfinancial and financial firms for the period...
Read moreIn this paper, we first shed light on the factors that underlie the differences between the ?shareholder wealth maximization? and the ?long-term...
Read moreThe primary way in which directors obtain necessary information is by attending board meetings. Bank directors, in particular, are strongly urged to...
Read moreFollowing surprise independent director departures, affected firms have worse stock and operating performance, are more likely to restate...
Read moreWe present a model where firms compete for scarce managerial talent ("alpha") and managers are risk-averse. When managers cannot move across firms...
Read moreThe moral hazard incentives of the bank safety net predict that distressed banks take on more risk and higher leverage. Since many factors reduce these...
Read moreWe examine the benefits and costs associated with foreign independent directors (FIDs) at U.S. corporations. We find that firms with FIDs make better...
Read moreThis paper studies the two potentially contrasting effects on IPO pricing and post-IPO operating performance of family ties as well as social ties the...
Read moreWe analyze rights and public offerings when informed shareholders strategically choose to subscribe. Absent wealth constraints, rights offerings...
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