Islamic Finance has been growing at annual double-digit rates for about 40 years although even in conservative Islamic countries the Sharia with its prohibition of interest (ribâ) is not directly applicable law. Islamic Finance is voluntary and encompasses all kinds of financial services that...

Corporate law and corporate governance are often called upon to address problems in international and transnational contexts. Financial markets are global and the problems in those markets are often similar, if not identical, even though the capital market structure across jurisdictions differs...

This paper studies an informational role of a decision to appoint a black director (BD) to a white board in a regime shaped by the Sarbanes-Oxley Act. I find that the decision slashes firm valuation, perhaps because it reveals the true color of existing white directors (WDs) are gray. A director...

According to an influential view in corporate law writings and debates, pressure from shareholders leads companies to take myopic actions that are costly in the long term, and insulating boards from such pressure serves the long-term interests of companies as well as their shareholders. This...

Recent precedents make it difficult to challenge transactions approved by a board of directors and a stockholder majority. When should such cases be filed, proceed beyond the pleading stage, and prevail? My answer is that judicial intervention should remedy and deter tortious misconduct that...

Recent precedents make it difficult to challenge transactions approved by a board of directors and a stockholder majority. When should such cases be filed, proceed beyond the pleading stage, and prevail? My answer is that litigation rules should remedy and deter tortious misconduct that corrupts...

Boards of public corporations in the United States are becoming increasingly independent, due to an effort to ensure that shareholders' interests in the company are protected. Yet, little attention has been given to the way that board members obtain and digest the information necessary for their...

Independent directors are an important feature of modern corporate law. Courts and lawmakers around the world increasingly rely on these directors to protect investors from controlling shareholder opportunism. In this Article, we argue that the existing director-election regime significantly...

Few enterprise operational areas present as much inherent risk or prove as difficult to govern as Information Technology (“IT”). To be successful, IT governance requires enterprise commitment at the very top. Boards and executive management need to extend governance, already exercised over...

The executive suite and the board are closely bound to each other through their fiduciary responsibility to same shareholders. With CEOs' prominent role in both governing bodies, their independence from CEOs' self-serving behavior might be related to each other. We explore the interdependence...