US
Working Paper
Risk Management in European and American Corporate Law
In recent years, the emphasis in corporate governance has shifted from board composition, independent directors, separating the position of chairperson and CEO, and establishing board committees to “being in control” and risk management issues....Read more
Is Berle and Means Really a Myth?
Berle and Means famously declared in 1932 that a separation of ownership and control was a hallmark of large U.S. corporations and their characterization of matters quickly became received wisdom. A series of recent papers (Hannah, 2007; Santos...Read more
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
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
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
News
ESG Rating Disagreement and Stock Returns
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
Litigating Innovation: Evidence from Securities Class Action Lawsuits
Litigating Innovation: Evidence from Securities Class Action Lawsuits
Our paper provides novel evidence suggesting that a central pillar of the U.S. litigation and corporate governance system, securities class action...Read more
Presentation
We study the effect of staggered boards on long-run firm value using a natural experiment: a 1990 law that imposed a staggered board on all firms incorporated in Massachusetts. We find a significant and positive average (and median) increase in Tobins Q for innovating firms, particularly those facing greater Wall Street scrutiny. This increase in value appears to come, at least in part, from increased investment in R&D and capital expenditures and from valuable patents.
June 04 2020
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