The role of the board of directors is to oversee managerial decisions and to protect the interests of shareholders. While director pay historically is a small cash fee, many corporations now use both stock and option grants as a part of a director's compensation. This paper examines whether this...

This paper examines the relationship between the presence of female board members and board quality across two groups of European countries between 2000 and 2011. Using simultaneous regression analysis, we find that female representation is associated with board quality and board independence....

In the past decade, institutional investors have become more active in monitoring management and voting the shares they control. The California Public Employees' Retirement System (CalPERS) was a leader in this wave of activism. This study investigates the long-term returns an investor with...

Prior studies have had limited success explaining the negative market reaction to common stock announcements using firm and offer specific variables. We employ a piecewise linear model to test the relationship between announcement returns and firm and offer specific variables by specific offer...

We study the long-term stock performance of initial public offerings (IPOs). We examine how past performance affects the board of directors' stability and how changes in boards affect subsequent performance. We introduce a dynamic, scale invariant stability metric to measure such changes. Our...

This paper examines one type of failure in the governance system, the case where directors do not protect shareholders from securities fraud. We study the breakdown of the agency relationship in which shareholders not only sue the company, but also name the directors. We find that naming...