Prior work in emerging markets provides evidence that better corporate governance predicts higher market value, but very little evidence on the specific channels through which governance can increase value. We provide evidence, from a natural experiment in Korea, that reduced tunneling is an...

We use extensive hand collected surveys reporting governance practices of Brazilian firms in 2004, 2006, and 2009 to build a broad corporate governance index and analyze the evolution of corporate governance in Brazil and the association between governance and firm value. We find that corporate...

Outside directors of public companies play a central role in overseeing management. Nonetheless, they have rarely incurred personal, out-of-pocket liability for failing to carry out their assigned tasks, either in the litigation-prone United States or other countries. Historically, as threats to...

There is increasing evidence that broad measures of firm-level corporate governance predict higher share prices. However, almost all prior work relies on cross-sectional data. This work leaves open the possibility that endogeneity or omitted firm-level variables explain the observed...

This codebook and the related dataset and statistical code accompanies Bernard Black, Antonio Gledson de Carvalho, Vikramaditya Khanna, Woochan Kim and B. Burcin Yurtoglu, Methods for Multicountry Studies of Corporate Governance: Evidence from the BRIKT Countries, 183 Journal of Econometrics...

An important issue in evaluating corporate governance is how to measure it. In prior work on emerging markets, we have advocated measuring firm-level governance using country-specific indices, tailored to each country's laws and institutions. An alternate approach, used in commercial indices, is...

This online appendix contains additional results for Atanasov and Black (2018, The Trouble with Instruments: The Need for Pre-Treatment Balance in Shock-IV Designs (Trouble with Instruments). Part 1 of the Appendix provides an extended checklist for implementing shock-IV designs. Part 2...

Credible causal inference in accounting and finance research often comes from “natural” experiments. These experiments can be exploited using several “shock-based” research designs, including difference-in-differences (DiD), instrumental variables based on the shock (shock-IV), and...

In a series of articles, Henry Hu and I developed and defined the concept of empty voting. TELUS Corp. has separate classes of voting and nonvoting shares. It proposes to combine them, with a zero premium for voting shares. Mason Capital has taken a (long voting shares, short nonvoting shares)...