Two laboratory experiments show that investors perceive a CEO to be more committed to honesty when the CEO resisted, at a personal cost, engaging...Read more
CEO duality – the practice of combining the roles of the CEO and chairman of the board – has been the topic of one of the longest debates in...Read more
This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other...Read more
Recent corporate governance research reports several major developments. First, researchers have made important progress in adapting statistical...Read more
Rising executive compensation has been subject of fierce public debates over the last decades. One group that voices strong opposition against...Read more
Earnings management consists of a firm’s insiders cooking the books, that is, manipulating reported earnings via discretionary accruals and/or...Read more
Firms hold cash for several reasons, e.g., to seize strategic opportunities as they arise or as abuffer against unexpected shocks. While research...Read more
Economic models routinely assume firms maximize shareholder value; but common law legal systems only require that officers and directors pursue...Read more
The board of directors is the highest decision-making authority in a corporation. But sometimes boards struggle to make decisions. In surveys, 67...Read more
There is considerable concern about the conflict of interest between the CEO and the shareholders when a firm is a target for an acquisition and...Read more
Bank executive incentives and compensation have been in the spotlight since the 2007-2009 financial crisis. Some claim that there was a corporate...Read more