Working Paper

01 January 2007

Do U.S. Firms Have the Best Corporate Governance?A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth

We compare the governance of foreign firms to the governance of similar U.S. firms. Using an index of firm governance attributes, we find that, on average, foreign firms have worse governance than matching U.S. firms. Roughly 8% of...

Reena Aggarwal | Isil Erel | René Stulz | Rohan Williamson
01 September 2006

Hedge Fund Activism, Corporate Governance, and Firm Performance

Using a large hand-collected dataset from 2001 to 2006, we find that activist hedge funds in the U.S. propose strategic, operational, and financial remedies and attain success or partial success in two thirds of the cases. Hedge funds...

Alon Brav | Wei Jiang | Frank Partnoy | Randall Thomas
01 August 2006

The Rise of Independent Directors in the United States, 1950-2005: of ShareholderValue and Stock Market Prices

Between 1950 and 2005, the composition of large public company boards dramatically shifted towards independent directors, from approximately 20% independents to 75% independents. The standards for independence also became...

Jeffrey Gordon
01 June 2006

Inside the Family Firm: The Role of Families in Succession Decisions and Performance

This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in corporate decision making and the consequences of these decisions on firm performance. We focus on the decision to appoint either a...

Morten Bennedsen | Kasper Nielsen | Francisco Perez-Gonzalez | Daniel Wolfenzon