Regulators and shareholders are calling for independent directors. Independent directors, however, have numerous external professional commitments. Using To- bin's Q as an approximation of market valuation and controlling for endogeneity, our empirical analysis reveals that neither external...

We analyze the valuation effect of board industry experience and channels through which industry experience of outside directors affects firm value. We find that firms with more experienced outside directors are valued at a premium compared to firms with less experienced outside directors. We...

Using more than 50,000 firm-years from 1988 to 2015, we show that the empirical relation between a firm's Tobin's q and managerial ownership is systematically negative. When we restrict our sample to larger firms as in the prior literature, our findings are consistent with the literature,...

This study investigates the relationship between managerial optimism, investment efficiency, and firm valuation. This study follows the Campbell's measurement for managerial optimism and investigates the influences of the different levels of managerial optimism on improving investment efficiency...

We investigate the impact of CEO activism, the increasingly common practice of CEOs speaking out on social/political issues, on firm value. CEO activism may be beneficial for shareholders, as it can bolster firms' relationships with customers and employees. Alternatively, CEO activism may be...

This study investigates the relationship between managerial optimism, investment efficiency and firm valuation. This study follows the Campbell's measurement for managerial optimism and investigates the influences of the different levels of managerial optimism on improving investment efficiency...

Using more than 50,000 firm-years from 1988 to 2015, we show that the empirical relation between a firm's Tobin's q and managerial ownership is systematically negative. When we restrict our sample to larger firms as in the prior literature, our findings are consistent with the literature,...