Prizes

Working Paper

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 May 2008

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...

John Armour | Simon Deakin | Prabirjit Sarkar | Mathias Siems | Ajit Singh
01 July 2009

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...

John Armour | Simon Deakin | Priya Lele | Mathias Siems

Pages