We show using a sample of U.S. listed firms that larger and older family firms and those that plan to access the capital market differentiate themselves from other family firms by choosing independent and effective corporate boards and by taking demonstrably independent board actions that are...

A banker, investor, and Columbia Business School professor offers an insider's take on what happened to Goldman Sachs-informed by his own experience, interviews with others who worked at or with the firm, and previously unreleased research. Readers and business leaders will also learn about what...

We investigate the determinants of firms' implicit insurance to employees, using a difference-indifference approach: we rely on differences between family and non-family firms to identify the supply of insurance, and exploit variation in unemployment insurance across and within countries to...

This paper provides a review, discussion, and analysis of research on the usefulness of corporate governance codes to U.S. firms based on the theories underlying corporate governance, anecdotal evidence, and practices. It reviews the concurrent corporate governance codes and theories in the U.S....

On the basis of accounting and market data for firms and groups listed on German stock exchanges between 1997 and 2003, we show that the value relevance of R&D information under German accounting standards can be superior to that provided by US-GAAP and IAS. The results, obtained while...