We investigate whether cultural differences between professional decision-makers affect financial contracts in a large dataset of international syndicated bank loans. We find that more culturally distant lead banks offer...
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
Corporate short-termism has often been criticized because it could harm long-term performance. That is, managers arguably take actions that
...Read more
Dual-class voting systems have been widely employed in recent initial public offerings by large American tech companies, but have been roundly...Read more
All blockchains have rules that govern their operations. As blockchains evolve they may need to change their rules. Blockchain governance refers...Read more
Parties to M&A transactions now commonly purchase insurance against breaches of the reps and warranties. In a forthcoming article, I study...Read more
Economic models routinely assume firms maximize shareholder value; but common law legal systems only require that officers and directors pursue...Read more
Boards and shareholders are increasingly using charter and bylaw provisions to customize their corporate governance. Recent examples include forum...Read more
