US

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...

Regulatory Dualism as a Development Strategy: Corporate Reform in Brazil, the U.S., and the EU

Countries pursuing economic development confront a fundamental obstacle. Reforms that increase the size of the overall pie are blocked by powerful...

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...

ESG Rating Disagreement and Stock Returns

Using ESG ratings from seven different data providers for a sample of S&P 500 firms between 2010 and 2017, we study the relation...

Transnational Migration of Laws and Norms in Corporate Governance: Fiduciary Duties and Corporate Codes

This paper explores the intersection of transnational law with contemporary corporate governance laws and principles. Transnational law, it must be...

Why do foreign firms have less idiosyncratic risk than U.S. firms?

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...

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...

The Corporate Governance Machine

The conventional view of corporate governance is that it is a neutral set of processes and practices that govern how a company is managed. We demonstrate...

Comparing CEO Employment Contract Provisions: Differences between Australia and the U.S.

This study compares CEO employment contracts across two common law countries: the United States and Australia. Although the regulatory regimes of...

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...

Defined Contribution Plans and the Challenge of Financial Illiteracy

Retirement investing in the United States has changed dramatically. The classic defined-benefit (DB) plan has largely been replaced...