Working Paper

06 March 2020

Can Stakeholder Orientation Improve Inventory Efficiency? Evidence from a Quasi-Natural Experiment

This study investigates whether and how firms’ stakeholder orientation affects their inventory efficiency as well as financial performance. Using U.S. state legislatures’ staggered adoption of constituency statutes over a...

Yunxiao Liu | Woochan Kim
24 April 2020

The Advisory and Monitoring Roles of the Board - Evidence From Disruptive Events

We study the contribution of directors to firm resilience by assessing the relative importance of their advisory and monitoring roles at times of crisis. Based on manually collected US data, we document that four bord-related...

Ettore Croci | Gérard Hertig | Layla Khoja | Luh Luh Lan
28 January 2019

Cross-Border Venture Capital Investments: What Is the Role of Public Policy?

Cross-border venture capital (VC) investments play an important role in the scaling up of high-growth companies. However, policymakers worry that foreign VC investments transfer the majority of economic activity to the investor...

Wendy A. Bradley | Gilles Duruflé | Thomas Hellmann | Karen E. Wilson
20 July 2017

Earnings Management and Managerial Honesty: The Investors’ Perspectives

Extant research shows that CEO characteristics affect earnings management. This paper studies how investors infer a specific characteristic of CEOs, namely moral commitment to honesty, from earnings management and how how...

Alexander Wagner | Rajna Gibson Brandon | Matthias Sohn | Carmen Tanner
22 September 2017

Why CEO Option Compensation Can be a Bad Option for Shareholders: Evidence from Major Customer Relationships

We study how the existence of important production contracts affects the choice of CEO compensation contracts. We hypothesize that having major customers raises the costs associated with CEO risk-taking incentives and leads to lower...

Claire Yang Liu | Ronald Masulis | Jared Stanfield
13 February 2018

The Market for Non-Executive Directors: Does Acquisition Performance Influence Future Board Seats?

This paper investigates whether non-executive directors associated with good (bad) board decisions are subsequently rewarded (penalized) in the market for directors. This question is addressed by assessing whether the...

Marc Goergen | Svetlana Mira | Noel O'Sullivan
22 November 2018

Governance through Shame and Aspiration: Index Creation and Corporate Behavior

After decades of de-prioritizing shareholders' economic interests and low corporate profitability, Japan introduced the JPX-Nikkei400 in 2014. The index highlighted the country's "best-run" companies by annually selecting the...

Akash Chattopadhyay | Matthew D. Shaffer | Charles Wang