We study the resource allocation role of voluntary disclosures when feedback from financial markets is potentially useful to managers in undertaking value maximizing actions. Managers weigh the short-term price implications of disclosure against the long-term efficiency gains due to feedback...

Recent corporate governance scandals have been attributed to lack of board independence and the influence CEOs have over their boards. However, CEOs can also affect board efficacy without compromising independence by choosing directors strategically. We offer a theoretical framework using a...

Recent corporate governance scandals have been attributed to a lack of board independence because of the influence CEOs have over their boards. However, CEOs can also affect board efficacy without compromising its independence by strategically choosing directors. We offer a theoretical framework...