In this comment we identify the key features of the Frantz and Walker (1997) game theoretic model that drive the non-disclosure equilibrium result in their paper. We argue that, although technically correct, their model fails to capture certain aspects of real-world wage bargaining that will be...

This paper examines the UK stock market's reaction to the appointment of outside (non-executive) board members. Tests conducted using a sample of 714 appointments reported by "EXTEL" between 1 July, 1993 and 31 December, 1996, indicate a strong interaction between appointee characteristics and...