Board of Directors

Working Paper

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

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

What Matters and for Which Firms for Corporate Governance in Emerging Markets? Evidence from Brazil (and Other BRIK Countries)

A central issue in corporate governance research is the extent to which “good” governance practices are universal (one size mostly fits all) or instead depend on country and firm characteristics. We report evidence that supports the second view....Read more

Bernard Black
01 July 2011