Board of Directors

Working Paper

13 February 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...

Marc Goergen | Svetlana Mira | Noel O'Sullivan
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