Around the world, policy makers are mandating gender quotas for boards of publicly-traded firms. Since the benefits and costs of these quotas accrue to shareholders, it is important to see how they react to the appointment of female directors. Using data on mandatory announcements of new...

This study investigates the market reaction to appointments and departures of independent directors to boards and various board committees, as well as the magnitude of the market reaction based to the expertise and busyness of these directors. The findings suggest that investors in Turkish...

This study examined the relationship between the board characteristics and stock performance of commercial banks. Our analysis is based on a sample of 65 banks across 10 MENA countries and their quantitative data extracted between 2013 and 2022. This research employed pooled OLS, and fixed and...

Many recent governance reforms require that a majority of directors on corporate boards should be independent, and that only independent directors should serve on firm sub-committees. We examine the efficacy of these reforms by examining how board independence affects market liquidity and price...

Internet message boards are often used to spread information in order to manipulate financial markets. Although this hypothesis is supported by many cases reported in the literature and in the media, the real impact of manipulation in online forums on financial markets remains an open question....

This paper studies the effect of board reforms on stock liquidity using data from 37 countries. We document that board reforms significantly increase stock liquidity—effective spread on average decreases by 12.7% after a board reform. As information asymmetry is a key determinant of stock...

In this paper we investigate the state of the art of women representation in Italian corporate boards, trying also to assess its determinants. We find that female presence still concerns the minority of companies and a small number of women. Moreover, female directorship is associated to some...

Using a panel dataset for 369 firm-year observations during the period 2005-2013 in the Italian context, we investigate the impact of certain characteristics of corporate boards on the magnitude of corporate Research and Development (R&D). Our findings reveal a negative relationship between R&D...

We examine the value impact of independent directors nominated by activists (Activist IDs). Firms appointing Activist IDs experience larger value increases than firms appointing other directors, particularly when Activist IDs have private firm experience and when their nominators remain as...