Prizes

Working Paper

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 increasingly rigorous...Read more

Jeffrey Gordon
01 August 2006

Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis

We test the 'law matters' and 'legal origin' claims using a newly created panel dataset measuring legal change over time in a sample of developed and developing countries. Our dataset improves on previous ones by avoiding country-specific...Read more

John Armour
Simon Deakin
Mathias Siems
01 May 2008

How Do Legal Rules Evolve? Evidence From a Cross-Country Comparison of Shareholder, Creditor and Worker Protection

Much attention has been devoted in recent literature to the claim that a country’s ‘legal origin’ may make a difference to its pattern of financial development and more generally to its economic growth path. Proponents of this view assert that...Read more

John Armour
Simon Deakin
Mathias Siems
01 July 2009

Pages