Working Paper

01 January 2010

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 countries during the period 2003-2008. We find that firm-level governance is positively...

Reena Aggarwal | Isil Erel | Miguel Ferreira | Pedro Matos
01 July 2007

Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences

We construct a firm-level governance index that increases with minority shareholder protection. Compared to U.S. matching firms, only 12.68% of foreign firms have a higher index. The value of foreign firms falls as their index...

Reena Aggarwal | Isil Erel | René Stulz | Rohan Williamson
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