Working Paper

10 November 2019

Addressing the Auditor Independence Puzzle: Regulatory Models and Proposal for Reform

Auditors play a major role in corporate governance and capital markets. Ex ante, auditors facilitate firms’ access to finance by fostering trust among public investors. Ex post, auditors can prevent misbehavior and financial fraud...

Martin Gelter | Aurelio Gurrea-Martinez
07 May 2020

Sexism, Culture, and Firm Value: Evidence from the Harvey Weinstein Scandal and the #MeToo Movement

During the Harvey Weinstein and #MeToo events, firms with a non-sexist corporate culture, proxied by having women among the five highest paid executives, earn excess returns of 1.6%. Returns for firms with...

Karl Lins | Lukas Roth | Henri Servaes | Ane Tamayo
01 May 2014

Independent directors and controlling shareholders around the world

In this paper, we examine independent directors as a legal transplant from dispersed ownership systems to concentrated ownership ones. We focus on Continental Europe, Japan, Brazil, Russia, India and China. Our main thesis is that...

Guido Ferrarini | Marilena Filippelli
08 September 2017

The Dialogue between the Chairman of the Board and Investors: The Practice in the UK, the Netherlands and Germany and the Future of the German Corporate Governance Code Under the New Chairman

The dialogue of the board and its chairman with investors is an established practice in many countries, such as the United Kingdom, the USA, the Netherlands, Belgium, France and recently also Germany. In the UK this dialogue covers the...

Klaus Hopt
01 March 2013

Independent Director Incentives: Where do Talented Directors Spend Their Limited Time and Energy?

We study reputation incentives in the director labor market and find that directors with multiple directorships distribute their effort unequally according to the directorship's relative prestige. When directors experience an...

Ronald Masulis | Shawn Mobbs