Using data on the backgrounds of board members of S&P companies, we show that venture capitalists (VCs) play an important role in mature public firms long after their initial public offering (IPO). Almost one-third of mature public companies have at least one VC director on their board. VC...

On September 30, 2018, California became the first U.S. state to set quotas for women directors on corporate boards. The passage of this law resulted in a significant decline in shareholder value for firms headquartered in California. The decline in shareholder value is directly related to the...

Exploiting exogenous variation introduced by a significant change in S&P's methodology, we show that credit ratings have a first-order causal impact on capital structure and investment decisions. Quantifying debt capacity within a firm's credit rating (Ratings Capacity) using precise metrics, we...

Using a sample of IPOs from 1994 to 2004, we show that newly public firms make acquisitions at a torrid pace. This acquisition activity is fueled not only through the initial IPO proceeds, but also through the creation of an acquisition currency that is used to raise capital for both cash and...

We examine the role of corporate governance mechanisms during top executive turnover in Japanese corporations. Consistent with evidence from U.S. data, the likelihood of nonroutine turnover is significantly related to industry-adjusted return on assets, excess stock returns, and negative...