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

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

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