Boards

Working Paper

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

During the revelation of the Weinstein scandal and the emergence of the #MeToo movement, firms with a corporate culture that does not discriminate on the basis of sex, proxied by having women among the five highest paid executives, earn excess...Read more

Lukas Roth
Henri Servaes
07 May 2020

Can Staggered Boards Improve Value? Evidence from the Massachusetts Natural Experiment

We study the effect of staggered boards on long-run firm value, using a natural experiment: a 1990 law that imposed a staggered board on all firms incorporated in Massachusetts. We find a significant and positive average increase in Tobin's Q...Read more

Robert Daines
Charles Wang
10 September 2016

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 whole...Read more

Klaus Hopt
08 September 2017

Non-Shareholder Voice in Bank Governance: Board Composition, Performance and Liability

Starting from the well-evidenced fact that banks with shareholder-focussed corporate governance fared worse in the financial crisis than those without, this paper considers various initiatives and proposals to re-orient board rules in relation to...Read more

Paul Davies
Klaus Hopt
11 September 2018

Centros, California’s “Women on Boards” Statute and the Scope of Regulatory Competition

In its 1999 Centros decision, the European Court of Justice affirmed that the EU right of establishment protects a corporation’s right to select a state of incorporation. Specifically, Centros rejected the argument that, under the real seat...Read more

Jill Fisch
Steven Davidoff Solomon
27 May 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 by corporate...Read more

Martin Gelter
Aurelio Gurrea-Martinez
10 November 2019

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