This Article is the first to analyze an unexplored but critical change in how modern banks are governed: the rise of lawyers as bank directors. That rise has been precipitous, raising the question of why lawyer-directors now sit on most bank boards. Using novel empirical evidence, we show that...

Over the past twenty years, a growing number of empirical studies have provided evidence that governance arrangements protecting incumbents from removal promote managerial entrenchment, reducing firm value. As a result of these studies, “good” corporate governance is widely understood today...

Public corporations are brandishing their political identities. They are increasingly taking stands and messaging on highly charged social issues: gun control, gender and race, immigration, abortion, reproductive rights, and free speech. Corporate scholars have paid scant attention to this...

Managerial power theory holds that structural flaws in corporate governance, such as board defenses, enable opportunistic managers to extract excessive pay. While this theory has proven highly influential, this Article argues that it fails to answer important questions. For example, how does...

This Article provides a theoretical foundation and practical guide for a new form of liability that has proven necessary in the Internet era: the tort of Reckless Association. This tort would hold de facto leaders of informal networks responsible when radicalized members of the network cause...

Strategic default is driven in significant part by homebuyers' expectations at the time of purchase. When individuals purchase homes primarily as investments, with the expectation of appreciation, they will experience marked anxiety when home prices decline. A significant number of homeowners...

Despite reports that homeowners are increasingly “walking away” from their mortgages, most homeowners continue to make their payments even when they are significantly underwater. This article suggests that most homeowners choose not to strategically default as a result of two emotional...

This forthcoming article explores the question of why individuals resist apologizing, even when it is rationally in their best interest to do so - such as when it would significantly reduce a criminal sentence or settle a civil lawsuit at little or no cost. Drawing on a significant body of...

Young children across America begin the school day with ritualized expressions of loyalty to the nation-state. Relying upon evidence from the cognitive and neurosciences, this article argues that such patriotic rituals embed patriotic predispositions in children's unconscious at a time when they...

An increasingly influential view is that strategic defaulters make a rational choice to default because they have substantial negative equity. This article, which is based upon the personal accounts of over 350 individuals, argues that this depiction of strategic defaulters as rational actors is...