Board of Directors

Working Paper

10 October 2017

Monitoring the Monitor: Distracted Institutional Investors and Board Governance

Boards are crucial to shareholder wealth. Yet, little is known about how shareholder oversight affects director incentives. Using exogenous industry shocks to institutional investor portfolios, we find that...Read more

Claire Yang Liu | Angie Low | Ronald Masulis | Le Zhang
02 August 2017

How Valuable are Independent Directors? Evidence from External Distractions

We provide new evidence on the value of independent directors by exploiting exogenous events that seriously distract independent directors. Approximately 20% of independent directors are significantly distracted in a typical...

Ronald Masulis | Emma Jincheng Zhang
01 August 2017

Closing the Gap: Gender Quotas and Corporate Board Composition

We study the impact of board gender quotas on firms’ hiring and retention practices. We find that female director tenure significantly increases following the introduction of a quota in France in 2011, with stronger effects among...

Daniel Ferreira | Edith Ginglinger | Marie-Aude Laguna | Yasmine Skalli
25 April 2017

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

We study when firms choose to install boards and their roles in a historical setting where neither boards nor their duties are mandated by law. Boards arise in firms with large, heterogenous shareholder bases. We propose that an...

Mike Burkart | Salvatore Miglietta | Charlotte Ostergaard