Board of Directors

Working Paper

24 April 2020

The Advisory and Monitoring Roles of the Board - Evidence From Disruptive Events

We study the contribution of directors to firm resilience by assessing the relative importance of their advisory and monitoring roles at times of crisis. Based on manually collected US data, we document that four bord-related...

Ettore Croci | Gérard Hertig | Layla Khoja | Luh Luh Lan
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 November 2008

The Role of Boards of Directors in Corporate Governance: A Conceptual Framework & Survey

This paper is a survey of the literature on boards of directors, with an emphasis on research done subsequent to the Hermalin and Weisbach (2003) survey. The two questions most asked about boards are what determines their makeup and...

Renee Adams | Benjamin Hermalin | Michael Weisbach