We analyze a unique database from a sample of real-world boardrooms-- minutes of board meetings and We analyze a unique database from a sample of real-world boardrooms--minutes of board meetings and substantial equity interest. We use these data to evaluate the underlying assumptions and...

The authors identify the primary findings of the empirical literature on boards of directors. Typically, these studies have sought to answer one of the following questions: How are the characteristics of the board related to profitability? How do these characteristics affect boards' observable...

Do macroeconomic conditions affect firms' abilities to raise capital? If so, how do they affect the manner in which the capital is raised? We address these questions using a large sample of publicly-traded debt issues, seasoned equity offers, bank loans and private placements of equity and debt....