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Are Busy Boards Effective Monitors?
Firms with busy boards, those in which a majority of outside directors hold three or more directorships, are associated with weak corporate governance. These firms exhibit lower market-to-bookExpand
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CEO Involvement in the Selection of New Board Members: An Empirical Analysis
We study whether CEO involvement in the selection of new directors influences the nature of appointments to the board. When the CEO serves on the nominating committee or no nominating committeeExpand
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Financial Fraud, Director Reputation, and Shareholder Wealth
We investigate the reputational impact of financial fraud for outside directors based on a sample of firms facing shareholder class action lawsuits. Following a financial fraud lawsuit, outsideExpand
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Board composition, ownership structure, and hostile takeovers
Abstract This paper examines whether differences in the structure of the board of directors and equity ownership contribute to the incidence of hostile takeovers. Evidence from a sample of completedExpand
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Firm performance, corporate governance, and top executive turnover in Japan
We examine the role of corporate governance mechanisms during top executive turnover in Japanese corporations. Consistent with evidence from U.S. data, the likelihood of nonroutine turnover isExpand
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Assessing TARP
We study the government equity infusions and the incentives of banks to participate in the Capital Purchase Program (CPP) of the Troubled Asset Relief Program (TARP). We show that strong banks optedExpand
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Corporate Restructuring During Performance Declines in Japan
This paper documents the restructuring of 92 Japanese corporations that experienced a substantial decline in operating performance during 1986 to 1990. We find that these Japanese firms implement aExpand
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Do independent directors enhance target shareholder wealth during tender offers
Authors' description of their article: Whereas the gains to target shareholders are usually large in tender offers, managers of takeover targets can have incentives to defeat such offers. We examineExpand
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Banks, Ownership Structure, and Firm Value in Japan
We investigate the relation between firms' ownership structures and q ratios in Japan. At low levels of ownership by main banks, firms' q ratios fall as bank equity ownership rises. At higher levelsExpand
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Divestitures and Divisional Investment Policies
We study a sample of diversified firms that alter their organizational structure by divesting a business segment. These firms experience a reduction in the diversification discount after theExpand
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