This paper investigates how ownership concentration and structure and corporate governance relate to the post-listing liquidity of IPO firms, where the latter is measured by various dimensions of trading activity, breadth, and depth. Using a sample of 1,049 Chinese IPOs issued on the Shanghai...

Worldwide, primary corporate bond markets have become an increasingly important source of financing for non-financial companies. This trend is coupled with a relative decrease in traditional bank lending to non-financial companies and low levels of bond interest rates. Just as shareholders,...

After the financial crisis, there has been considerable debate about the role of corporations in society. It has become broadly accepted that corporations - particularly the world's largest publicly traded corporations – need to be governed with respect for the society and the environment....

This study examines the association between board diversity, measured in both relation-oriented dimension (i.e., gender, race, and age) and task-oriented dimension (i.e., tenure and expertise), and board performance in corporate investment monitoring. We assess sub-optimal investment by...

Drawn from theories in group diversity and group performance, this study examines the association between board diversity, measured in both relation-oriented dimension (i.e., gender, race, and age) and task-oriented dimension (i.e., tenure and expertise), and board performance in corporate...

The chapter continues and advances our earlier research on ‘Board Models in Europe’.** We explore ‘The Structure of the Board of Directors’ with a view to the basic governance structure as provided by a board model vis-à-vis techniques of structuring the decision-making body, which can...

Conventional wisdom among corporate law theorists holds that the presence of a controlling shareholder should alleviate the problem of managerial opportunism because such a controller has both the power and incentives to curb excessive executive pay. This Article challenges that common...

The business corporation is one of the greatest organizational inventions. But it creates risks for both shareholders and third parties. To mitigate these risks, legislators, judges, and corporate lawyers have tried to learn from experiences in other jurisdictions and adapt their regulatory...

In 2002, U.S. stock exchanges and the Sarbanes-Oxley Act established minimum standards for director independence. An unintended consequence of these director rules was to alter firm choice of other tools for mitigating agency problems. This unintended consequence is studied on a new dataset with...