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...
Read moreWorking Paper
Outside Director Liability
This Article analyzes the degree to which outside directors of public companies are exposed to out-of-pocket liability risk - the risk of paying legal...
Read more
The Internal Governance of Firms
We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates....
Read more
Asking Directors About Their Dual Roles
This paper uses a large survey of directors to investigate variation in directors' dual roles as advisors and monitors of management. I examine whether...
Read more
Why Are Firms with More Managerial Ownership Worth Less?
Using more than 50,000 firm-years from 1988 to 2015, we show that the empirical relation between a firm’s Tobin’s q and managerial ownership is...
Read moreNews
Is The Stock Market Biased Against Diverse Top Management Teams?
Is The Stock Market Biased Against Diverse Top Management Teams?
Stock market investors are becoming increasingly vocal about the diversity of corporate leadership teams, following a global trend to engage with...Read more
Why Are Firms with More Managerial Ownership Worth Less?
Why Are Firms with More Managerial Ownership Worth Less?
Many investors and governance experts believe that “skin in the game” of managers, i.e. substantial stock and option ownership of top management,...Read more
Managerial Response to Shareholder Empowerment: Evidence from Majority Voting Legislation Changes
Managerial Response to Shareholder Empowerment: Evidence from Majority Voting Legislation Changes
This paper studies managerial reaction to shareholder empowerment that strengthens shareholder voting, a form of direct democracy. We explore this...Read more
Equity Issuance Methods and Dilution
Equity Issuance Methods and Dilution
A major friction in capital markets are information asymmetries, which can lead to mispricing of shares. Such mispricing is of particular concern...Read more
Earning investor trust: The role of past earnings management
Earning investor trust: The role of past earnings management
Does earnings management, even though legal, hamper investor trust in reported earnings? Or do investors regard earnings management as a way for...Read more
Retail Shareholder Participation in the Proxy Process: Monitoring, Engagement, and Voting
Retail Shareholder Participation in the Proxy Process: Monitoring, Engagement, and Voting
A central premise of corporate governance research is the shareholder collective action problem. Shareholders, the ultimate economic...Read more