US

Working Paper

Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences

We construct a firm-level governance index that increases with minority shareholder protection. Compared to U.S. matching firms, only 12.68% of foreign firms have a higher index. The value of foreign firms falls as their index decreases relative...Read more

Reena Aggarwal
Isil Erel
René Stulz
01 July 2007

Private Enforcement of Corporate Law: An Empirical Comparison of the UK and US

It is often assumed that strong securities markets require good legal protection of minority shareholders. This implies both "good" law -- principally corporate and securities law -- and enforcement, yet there has been little empirical analysis...Read more

John Armour
Bernard Black
Brian Cheffins
01 February 2009

Private Enforcement of Corporate Law: An Empirical Comparison of the UK and US

It is often assumed that strong securities markets require good legal protection of minority shareholders. This implies both "good" law -- principally corporate and securities law -- and enforcement, yet there has been little empirical analysis...Read more

John Armour
Bernard Black
Brian Cheffins
01 February 2009

News

ESG Rating Disagreement and Stock Returns

A variety of professional data vendors nowadays provide firm-level Environmental, Social, and Governance (ESG) ratings (or scores). These ratings...Read more

Rajna Gibson Brandon
Philipp Krueger
Nadine Riand
Peter Steffen Schmidt
02 March 2020

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