There is an inherent conflict of interest between managers and shareholders when all or part of a public corporation is taken private and managers become major shareholders in the newly privatized firm. The role of outside directors who are independent of management is investigated to determine...

Banking law appears to limit the available pool of qualified directors. This study finds - in contrast to nonfinancial firms - a negative relation between abnormal returns and the proportion of independent outside directors on the board of directors of bidding banks.

In this paper, the authors test Peltzman's buffering hypothesis--whether regulatory environment impacts systematic risk for regulated electric utilities. The paper differs from previous research in that an exogenously defined measure of regulatory environment, a large sample, and a method that...

The importance of the market for corporate control as a disciplining device has received considerable research interest in recent years. Since the advent of event study methodology pioneered by Fama, Fisher, Jensen and Roll (1969), and the availability of machine readable returns data from the...