Working Paper

Governance through Shame and Aspiration: Index Creation and Corporate Behavior

After decades of both de-prioritizing shareholders' economic interests and low corporate profitability, Japan introduced the JPX400 in 2014. The index highlighted the country's "best-run" companies by annually selecting the 400 most profitable...Read more

Akash Chattopadhyay
Matthew D. Shaffer
Charles Wang
19 July 2018

The Market for Non-Executive Directors: Does Acquisition Performance Influence Future Board Seats?

This paper investigates whether non-executive directors associated with good (bad) board decisions are subsequently rewarded (penalized) in the market for directors. This question is addressed by assessing whether the post-acquisition performance...Read more

Marc Goergen
13 February 2018

CEO Option Compensation Can Be a Bad Option: Evidence from Product Market Relationships

This paper studies how firms’ important customer relationships can affect the choice of CEO compensation structure. We hypothesize that having major customers raises the costs associated with CEO risk-taking incentives, leading to lower option-...Read more

Claire Yang Liu
Ronald Masulis
Jared Stanfield
22 September 2017