It is generally agreed that boards are endogenously determined institutions that serve both an oversight and advisory role in a firm. While oversight role of boards has been extensively studied relatively few studies have examined the advisory role of corporate boards. In this study we examine...

The wine industry in the United States has grown tremendously over the past few decades, from fewer than 1,000 wineries in 1980 to upward of 8,500 today. The growth has occurred over a period that has seen substantial changes in the structure of the wine industry, the modes of distribution...

In 1986, California passed legislation prohibiting the direct shipment of wine to its residents from another state unless the originating state allows California wineries to ship directly to that state's residents. The legislation's obvious intent was to break down other states' barriers to the...