Boards

Working Paper

Non-Shareholder Voice in Bank Governance: Board Composition, Performance and Liability

Starting from the well-evidenced fact that banks with shareholder-focussed corporate governance fared worse in the financial crisis than those without, this paper considers various initiatives and proposals to re-orient board rules in relation to...Read more

Paul Davies
Klaus Hopt
07 August 2018

Reputation Incentives of Independent Directors: Impacts on Board Monitoring and Adverse Corporate Actions

We find a large body of evidence that independent director reputation incentives can vary across directors and can significantly influence important board decisions and firm outcomes. Firms with a greater proportion of independent directors where...Read more

Ronald Masulis
01 July 2013

Why Do Boards Exist? Governance Design in the Absence of Corporate Law

We study how owners trade off costs and benefits of establishing a board in a historical setting, where boards are optional and authority over corporate decisions can freely be allocated across the general meeting, the board, and management. We...Read more

Mike Burkart
Salvatore Miglietta
Charlotte Ostergaard
25 April 2017

Pages