Accounting and Convergence in Corporate Governance: Doctrinal or Economic Path Dependence?
Convergence in corporate governance has been debated for more than 20 years. This paper seeks to explain convergence – and the lack thereof – in...
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Risk Management in European and American Corporate Law
In recent years, the emphasis in corporate governance has shifted from board composition, independent directors, separating the position of...
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Delaware and the Transformation of Corporate Governance
The corporate governance arrangements of publicly traded companies have been transformed over the past four decades. Various observers have...
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The Carrot and the Stick: Bank Bailouts and the Disciplining Role of Board Appointments
This paper empirically examines the Capital Purchase program (CPP) under TARP that was used by the U.S. government to bail out distressed banks with...
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How are U.S. Family Firms Controlled?
In large U.S. corporations, founding families are the only blockholders whose control rights on average exceed their cash flow rights. We analyze how...
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Private Enforcement of Corporate Law: An Empirical Comparison of the UK and US
It is often assumed that strong securities markets require good legal protection of minority shareholders. This implies both "good" law -- principally...
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Corporate Opportunities in the US and in the UK: How Differences in Enforcement Explain Differences in Substantive Fiduciary Duties
Fiduciary duties are often today held out as typical instruments of shareholder protection in the common law of both the US and the UK, which are sometimes...
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Have exchange-listed firms become less important for the economy?
The firms listed on the stock market in aggregate contribute less to total non-farm employment and GDP now than in the 1970s. A major reason for this...
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