US

The State of U.S. Corporate Governance: What's Right and What's Wrong?

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...

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...

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...

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...

Equity Cross-Listings in the U.S. and the Price of Debt

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...

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...

Why did U.S. banks invest in highly-rated securitization tranches?

Structuring Securities Regulation in the European Union: Lessons from the US experience

Litigation Governance: Taking Accountability Seriously

Both Europe and the United States are rethinking their approach to aggregate litigation. In the United States, class actions have long been organized...

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...