Board of Directors

Working Paper

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 year. They attend...Read more

Ronald Masulis
Emma Jincheng Zhang
02 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 retention rates increase following the introduction of a quota in France in 2011, with stronger effects observed among less gender-...Read more

Daniel Ferreira
Marie-Aude Laguna
Yasmine Skalli
01 August 2017

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

The Present and Future of Corporate Governance: Re-Examining the Role of the Board of Directors and Investor Relations in Listed Companies

In this paper, we first shed light on the factors that underlie the differences between the ?shareholder wealth maximization? and the ?long-term commitment? models of corporate governance. By introducing a third type of governance model, we show...Read more

Joseph McCahery
Erik Vermeulen
01 May 2013

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