• Publications
  • Influence
What Matters in Corporate Governance?
We investigate which provisions, among a set of twenty-four governance provisions followed by the Investor Responsibility Research Center (IRRC), are correlated with firm value and stockholderExpand
  • 1,806
  • 371
  • PDF
The Costs of Entrenched Boards
This paper investigates empirically how the value of publicly traded firms is overall affected by arrangements protecting management from removal. A majority of U.S. public companies have staggeredExpand
  • 868
  • 96
  • PDF
Testing for Adverse Selection in Insurance Markets
This paper reviews and evaluates the empirical literature on adverse selection in insurance markets. We focus on empirical work that seeks to test the basic coverage-risk prediction of adverseExpand
  • 322
  • 41
  • PDF
Firms' Decisions Where to Incorporate
This Paper empirically investigates the decisions of US publicly traded firms on where to incorporate. We study the features of states that make them attractive to incorporating firms and theExpand
  • 258
  • 27
  • PDF
Learning and the Disappearing Association Between Governance and Returns
In an important and influential work, Gompers, Ishii, and Metrick (2003) show that a trading strategy based on an index of 24 governance provisions (G-Index) would have earned abnormal returns duringExpand
  • 257
  • 22
  • PDF
The Wages of Failure: Executive Compensation at Bear Stearns and Lehman 2000-2008
The standard narrative of the meltdown of Bear Stearns and Lehman Brothers assumes that the wealth of the top executives of these firms was largely wiped out along with their firms. In the ongoingExpand
  • 327
  • 19
  • PDF
Asymmetric Information and Learning: Evidence from the Automobile Insurance Market
This paper tests the predictions of adverse-selection models using data from the automobile insurance market. I find that, in contrast to what recent research suggests, the evidence is consistentExpand
  • 127
  • 17
The Effect of Automobile Insurance and Accident Liability Laws on Traffic Fatalities*
TLDR
This paper investigates the incentive effects of automobile insurance, compulsory insurance laws, and no‐fault liability laws on driver behavior and traffic fatalities. Expand
  • 135
  • 14
  • PDF
The Effects of Mandatory Seat Belt Laws on Driving Behavior and Traffic Fatalities
This paper investigates the effects of mandatory seat belt laws on driver behavior and traffic fatalities. Using a unique panel data set on seat belt usage in all U.S. jurisdictions, we analyze howExpand
  • 157
  • 13
How Do Staggered Boards Affect Shareholder Value ? Evidence from a Natural Experiment
The well-established negative correlation between staggered boards (SBs) and firm value could be due to SBs leading to lower value or a reflection of low-value firms’ greater propensity to maintainExpand
  • 68
  • 12
  • PDF