This paper discusses the relationship between stock market liquidity and corporate governance. Both concepts are widely investigated from different angles in the literature. It is generally agreed that they are related so that better corporate governance implies higher liquidity for shares of...

Boards of directors are frequently criticized for their lack of monitoring in executive decision making. Increasing board effort to reduce information asymmetry between executives and shareholders is commonly viewed as desirable. This study challenges this common view by demonstrating that...

We study how interest alignment between CEOs and corporate boards affects investment efficiency. The model entails a CEO who encounters an investment project and decides either or not to present it for approval to a board of directors. The CEO may need to collect and report investment-relevant...