We study corporate philanthropy using an original database that includes firm-level data on dollar giving, giving priorities, governance, and managerial involvement in giving programs. Results provide some support for the theory that giving enhances shareholder value, as firms in the same...

This article addresses the proposition advanced by academic and press commentators that European corporation law promotes stockholder welfare better than its U.S. counterpart. Those who express that view often point to the stronger rights afforded to stockholders under the laws of the European...

We investigate the effect of say-on-pay (SOP) proposals on changes in executive and director compensation. Relative to non-SOP firms, SOP firms' total compensation to CEOs does not significantly change after the proposal. Although the total compensation does not change, the mix of compensation...

We examine the political dynamics which led to the codification of the Principles and Standards for sound compensation practices at financial institutions at international (G 20) level and to their subsequent implementation on both sides of the Atlantic. We show that the regulation of bankers'...

I examine whether the Securities and Exchange Commission (SEC) in the US is a learning organization (i.e., one that is capable of learning and adaptation to the dynamic nature of the securities markets – the subject of the SEC's regulatory oversight). Using the treatment of public corporate...

Many studies use country-specific evidence to investigate research questions of broad interest due to research advantages of a given country, such as data availability or to exploit an exogenous event that allows identification. One such research stream examines Canadian directors' and officers'...

The leverage of unregulated U.S. corporations has decreased markedly since 1992. We find greater power by institutional investors explains part of this deleveraging trend. Removing legal barriers enhanced institutions' influence and enabled them to induce firms to move toward more efficient...

This article argues that workers should have representation on corporate boards of directors and explores the policy choices available in the U.S. context achieve the goal of worker representation. Effectively implementing such a reform requires consideration of key issues, including: how many...

This is chapter 6 of Challenging Boardroom Homogeneity: Corporate Law, Governance, and Diversity (Cambridge University Press, forthcoming in 2015). In this chapter I investigate the disclosure-based approach to addressing diversity in corporate governance. In 2009, the United States Securities...

Notwithstanding the focus on hedge fund activism, fundamental questions remain. How much does hedge fund activism really matter? What has academic study contributed to the understanding of hedge fund activism? And what, if anything, does research on hedge fund activism illuminate about the...