Outside Director Liability Across Countries
Settlements reached in 2005 in securities litigation involving Enron and WorldCom highlighted the financial risks faced by outside directors of...
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Does Governance Travel around the World? Evidence from Institutional Investors
We examine whether institutional investors affect corporate governance by analyzing portfolio holdings of institutions in companies from 23...
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Exporting Pollution: Where Do Multinational Firms Emit CO2?
Despite widespread awareness of the detrimental impact of CO2 pollution on the world climate, countries vary widely in how they design and enforce...
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The International Scope of Say on Pay
Shareholders have long complained that top executives are overpaid by corporate directors irrespective of their performance. Largely powerless to...
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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...
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Accounting and Convergence in Corporate Governance: Doctrinal or Economic Path Dependence?
Convergence in corporate governance has been debated for more than 20 years. This paper seeks to explain convergence – and the lack thereof – in...
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Are Buybacks Good for Long-Term Shareholder Value? Evidence from Buybacks around the World
Using a sample of over 9,000 buyback announcements from 31 non-U.S. countries, we find support for the results of studies based on U.S. data: on average,...
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Corporate Inversions: Going Beyond Tax Incentives
We study tax and non-tax incentives for corporate inversions in a hand-collected dataset of 691 inversions out of 11 home countries into 45 host...
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Universal Corporate Governance
A widely accepted principle in finance is that good corporate governance is associated with higher firm value. However, what is “good governance”...
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