- A combined practical and theoretical comparison of UK and EU corporate finance law giving unique perspectives and a forward looking approach.- Addresses key issues arising from the financial crisis, such as the scope for innovation in legal markets, as well as anticipating issues likely to be...

Manuscript Type: Empirical. Research Question/Issue: We examine the relationship between corporate governance and firm value, and evaluate the relatively understudied governance practices in Venezuela. Research Findings/Results: We construct a corporate governance index (CGI) for publicly-listed...

We test whether CEO and director turnover has any impact on firms' financial performance. The results derived from our sample indicate that, as measured by the subsequent three-year industry-adjusted return on assets, financial performance after CEO and/or director turnover worsens, on average....

We examine CEO compensation, CEO retention policies, and M&A decisions in firms where founders serve as a director with a non-founder CEO (founder-director firms). We find that founder-director firms offer a different mix of incentives to their CEOs than other firms. Pay for performance...

In Australia, small businesses are defined by ABS as entities “employing less than 20 employees” (ABS 2008). In 2006 2007, 99% of businesses were considered as small businesses. Even though referred to as the “engine room of the Australia economy”, the small businesses are...

This paper examines the effects of different corporate governance mechanisms on the cost of debt for large European firms and documents a novel interaction effect between shareholder rights and disclosure. Improved disclosure leads to a lower credit spread only if shareholder rights are low. A...

We analyze the relation between comprehensive measures of board quality and the cost as well as the non-price terms of bank loans. We show that firms with higher quality boards and even a single (non-insider) advisory board member borrow at lower interest rates. This relation exists even after...

Multiple blockholder structures are a widespread phenomenon in the U.S. The theoretical literature, however, provides conflicting predictions on whether a single large blockholder or a set of dispersed smaller blockholders is better for firm value. Using U.S. data, we find a negative...

In this paper, we investigate the effectiveness of two main corporate governance mechanisms, namely the board of directors and auditing, in mitigating the equity discounts arising from the potential entrenchment problem between inside and outside shareholders. Overall, the empirical results...

A strong argument can be made that we have just witnessed perhaps the greatest test the REIT industry will ever face in terms of survival. REITs were mired in debt and troubles in late 2008 and early 2009. However, in 2009 the industry as a whole was able to raise over $30 billion in secondary...