This study provides empirical evidence from the U.S. firms that shareholders perceived corporate boards to be more important during than surrounding the October 1987 stock market crisis. The results indicate that during the crisis market-adjusted stock returns are negatively associated with...

This first chapter develops an economic model of the firm linking current financial and non-financial measures to future earnings for retail banks. The data support the associations among current financial and non-financial measures predicted by model, suggesting that the economic model is...