We examine stock market reactions, direct costs of compliance, and board adjustments to California Senate Bill No. 826 (SB 826), the first mandated board gender diversity quota in the United States. Announcement returns average -1.2% and are robust to the use of multiple methodologies. Returns...

We study the impact of a principles-based (i.e., comply or explain) approach to female representation on corporate boards. In contrast to the existing evidence on mandatory diversity regulation, we find that those firms most likely to be affected by this principles-based regulation exhibit...

Seit der Einführung des Deutschen Corporate Governance Kodex (Kodex) im Jahr 2002 sind deutsche börsennotierte Unternehmen zur Abgabe der Entsprechenserklärung gemäß § 161 AktG verpflichtet (Comply-or-Explain-Prinzip). Auf der Basis dieser Information soll durch den Druck des Kapitalmarkts...

This paper studies the short- and long-run announcement effects of declaring compliance with the German Corporate Governance Code (the Code). We examine a unique, hand-collected data set of 317 German listed firms from 2002-2005. First, we present evidence from an analysis of firms compliance...

This paper analyses the German corporate law reform's effect on the publicly listed companies' ownership and performance. First, theoretically plausible implications of the most important laws that were issued 1990-2009 are provided, then an empirical analysis using 1997-2008 panel data...

During 2008 and 2009 Australian listed entities raised large amounts of equity capital as the global financial crisis led to a significant tightening in credit markets. Over these two years listed entity after listed entity recapitalised, seeking additional equity to replace debt as lenders,...

Modern perceptions of good corporate governance assume that the general meeting has a meaningful role in the governance of listed companies and that shareholders make responsible use of their voting rights. Assessments after the financial crisis, however, indicate that institutional investors by...

This article analyzes the manifold situations in which the efficient-market hypothesis (EMH) has influenced — or has failed to influence — federal securities regulation and state corporate law, and the prospective roles for the EMH in these contexts. In federal securities regulation, the EMH...