This paper presents strong evidence that existing studies overestimate the impact of CEOs on the performance of the firms they lead. Ours is a comprehensive study of more than 3,692 CEOs in 2,103 firms in 22 countries, and for the period 1991-2019. Our objective is to assess the direct impact of...

I find that the idiosyncratic risk of firms increases with the extent of CEO work experience in non-publicly traded firms (CEO private experience). While there is no evidence of higher investment risk-taking by Private CEOs, the proportion of private-firm work experience is negatively associated...

Using chief executive officers’ (CEOs’) lifetime nonemployment experience in prominent charitable organizations to create a proxy for CEO charitable inclination, I find that charitably inclined CEOs receive a significant pay premium. The pay premium sensitivity to CEO charitable inclination...

This paper explores the nature of governance both within and by blockchains and the economies they support. There is a widespread assumption that the proper governance model for these economies is political, i.e., democratic voting. In this paper we make an alternative claim, namely that a more...

The Jumpstart Our Business Startups Act (JOBS Act), signed into law by President Obama on April 5, 2012, after passage by Congress with bipartisan support, was ostensibly designed to promote job creation by eliminating perceived securities regulatory impediments to capital formation by small...

This paper begins by comparing the concept of defense in both the sporting and corporate worlds. It then identifies the critical components which constitute an organization's program for self-defense, namely governance, risk, compliance, intelligence, security, resilience, controls and...

The financial crisis clearly highlighted that stakeholder interests were not adequately defended, and exposed failings in the traditional lines of defense that the stakeholders rely upon to defend their interests. This paper identifies these traditional lines of defense and suggests that...

If the creditworthiness of a counterparty is a derivative of a commodity price, there is the potential to have right- or wrong-way exposures in respective commodity transaction. Identifying them is important, because otherwise credit costs might be inadequately calculated and wrong incentives...

Due to the entry of foreign banks and development in technology in India, banking industry in India has accelerated and adopt various technology to facilitate banking activity, Internet banking is one of the finest adoption in Indian banking history which accelerated the banking activity for the...

This paper attempts to explain how corporate governance, especially in the context of the agency problem, can be efficiently solved by internal control and external force. Internal control mainly focuses on the audit community and board of directors while the external force consists of law...