Is greater trading liquidity good or bad for corporate governance? We address this question both theoretically and … information concerns her own plans for taking an active role in governance. We show that an increase in the liquidity of the firm … governance. Empirical tests using three distinct sources of exogenous variation in liquidity confirm the negative relation …

axioms of Anglo-American corporate governance, including the advocacy of shareholder value maximization and contestable …

This paper, which introduces the special issue on corporate governance co-sponsored by the Review of Financial Studies … and the National Bureau of Economic Research (NBER), reviews and comments on the state of corporate governance research …. The special issue features seven papers on corporate governance that were presented in a meeting of the NBER's corporate …

This paper estimates the effect of corporate governance provisions on shareholder value and long-term outcomes in S …&P1500 firms. We apply a regression discontinuity design to shareholder votes on governance proposals in annual meetings. A … the endogeneity of internal governance rules. Passing a corporate governance provision generates a 1.3% abnormal return on …

entrusted with their governance, just as economies need constitutions and independent judiciaries to restrain those entrusted … problems and agency problems in corporations may reinforce each other, compromising the quality of both corporate governance …

governance practices across legal families circa 1900. The paper concludes that, if the evidence presented is representative, the …