diversity affects debt pricing in bad times. Using a novel approach to identify directors’ cultural backgrounds based on their … monitors―Big 4 auditors, financial analysts, and long-term institutional investors―CEO age, gender, financial expertise, and …

. We show that board ancestral diversity has a positive and statistically significant effect on a firm’s scope and quality … diversity as well as to addressing endogeneity and sample selection. Additional analysis suggests that board ancestral diversity … interpret these findings as consistent with the view that board diversity enhances monitoring and advising …