Management

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...

The Present and Future of Corporate Governance: Re-Examining the Role of the Board of Directors and Investor Relations in Listed Companies

In this paper, we first shed light on the factors that underlie the differences between the ?shareholder wealth maximization? and the ?long-term...

Board Compensation and Firm Performance: The Role of 'Independent' Board Members

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...

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...

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...

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...

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

Rewarding Outside Directors

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...

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...

Equity Issuance Methods and Dilution

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