Management

Women on Boards: The Superheroes of Tomorrow?

Can female directors help save economies and the firms on whose boards they sit? Policy makers seem to think so. Numerous countries have implemented...

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...

Independent Director Incentives: Where do Talented Directors Spend Their Limited Time and Energy?

We study reputation incentives in the director labor market and find that directors with multiple directorships distribute their effort unequally...

Outside Directors, Liability Risk and Corporate Governance: A Comparative Analysis (English Version)

Outside directors constitute a key component of most prescriptions for good governance of public companies. Given that outside directors are...

Management Turnover in Stock Market Winners and Losers: A Clinical Investigation

Monitoring Managers: Does it Matter?

We study how well-incentivized boards monitor CEOs and whether such monitoring improves performance. Using unique, detailed data on boards’...

How Important is Moral Hazard for Distressed Banks?

The moral hazard incentives of the bank safety net predict that distressed banks take on more risk and higher leverage. Since many factors reduce these...

Do Foreigners Invest Less in Poorly Governed Firms?

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...

How do Executives Exercise Their Stock Options?

We analyze how 14,000 US top executives exercise their stock options. Factors suggested by existing theories have low or moderate explanatory power....

Beyond the Glass Ceiling: Does Gender Matter?

The representation of women in top corporate officer positions is steadily increasing. However, little is known about the impact this will have. A large...

Equity Issuance Methods and Dilution

We analyze rights and public offerings when informed shareholders strategically choose to subscribe. Absent wealth constraints, rights offerings...