Settlements reached in 2005 in securities litigation involving Enron and WorldCom highlighted the financial risks faced by outside directors of public companies. We argue elsewhere that Enron and WorldCom, as instances where directors made damages payments out of their own pockets, are and...

Berle and Means famously declared in 1932 that a separation of ownership and control was a hallmark of large U.S. corporations and their characterization of matters quickly became received wisdom. A series of recent papers (Hannah, 2007; Santos and Rumble, 2006, Holderness, forthcoming) has called...

Outside directors constitute a key component of most prescriptions for good governance of public companies. Given that outside directors are important corporate governance players, one is led to wonder what will motivate the individuals serving in this capacity to carry out their...

Influential contributors to debates concerning corporate governance assert that it is impossible to understand key trends without taking politics into account. This proposition has, however, remained largely untested. This paper therefore offers an empirical study of the relation between...

An intense academic debate has arisen recently concerning the crucial quot;bedrockquot; that underpins a corporate governance regime where widely-held public companies dominate. In the discourse, little has been said about the contribution of merger activity. The paper seeks to address this gap...

This paper analyzes the question of whether there is a U.S.-oriented convergence trend in international executive pay. After surveying the essential elements of the American pay paradigm, we consider market-oriented dynamics that could constitute a global compensation imperative. We find that it...

The quot;law mattersquot; thesis posits that a legal regime which allows investors to feel confident about owning a tiny percentage of shares in a firm constitutes the crucial quot;bedrockquot; underlying an economy where widely-held public companies dominate. This paper draws attention to and...

Market forces allegedly are serving to destabilise traditional business structures and cause some form of convergence along quot;Anglo-Americanquot; lines. While this trend has been the subject of much debate, it has not been widely commented on in Australia. Moreover, those analysing corporate...

Market forces allegedly are serving to destabilise traditional business structures and cause a reorientation along quot;Anglo-Americanquot; lines. This paper examines the alleged quot;convergencequot; trend from an historical perspective. The focus is on Britain, since it is the only major...