Working Paper

01 May 2013

The Present and Future of Corporate Governance: Re-Examining the Role of the Board of Directors and Investor Relations in Listed Companies

In this paper, we first shed light on the factors that underlie the differences between the ?shareholder wealth maximization? and the ?long-term commitment? models of corporate governance. By introducing a third type of governance...

Joseph McCahery | Erik Vermeulen | Masato Hisatake
01 June 2013

Do Analysts' Preferences Affect Corporate Policies?

Equity research analysts tend to cover firms about which they have favorable views. We exploit this tendency to infer analysts' preferences for corporate policies from their coverage decisions. We then use exogenous analyst...

François Degeorge | François Derrien | Ambrus Kecskés | Sébastien Michenaud
01 March 2013

Independent Director Incentives: Where do Talented Directors Spend Their Limited Time and Energy?

We study reputation incentives in the director labor market and find that directors with multiple directorships distribute their effort unequally according to the directorship's relative prestige. When directors experience an...

Ronald Masulis | Shawn Mobbs