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Corporate Governance Proposals and Shareholder Activism: The Role of Institutional Investors
We study shareholder proposals across a period of substantial activity and find systematic differences both across sponsor identity and across time. To understand how these proposals are perceived byExpand
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Recent Developments in Corporate Governance: An Overview
I develop a corporate governance framework, provide a broad overview of recent corporate governance research, and place each of the Special Issue papers within the context of this framework. TheExpand
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The Evolution of Shareholder Activism in the United States*
In the early 1900's American financial institutions were active participants in U.S. corporate governance but the enactment of securities laws in the 1930's limited the power of financialExpand
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Corporate Governance, Corporate Ownership, and the Role of Institutional Investors: A Global Perspective
We examine the relation between corporate governance and ownership structure, focusing on the role of institutional investors. In many countries, institutional investors have become dominant playersExpand
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The Impact of the Institutional and Regulatory Environment on Shareholder Voting
We document that certain features of the institutional and regulatory environment governing shareholder voting can affect the co- location of shares’ voting and cash- flow rights. We show thatExpand
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A Survey of Shareholder Activism: Motivation and Empirical Evidence
Shareholder activism by institutions is an important aspect of U.S. financial markets. We provide an overview of shareholder activism by institutional and individual investors, emphasising theirExpand
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Explicit versus Implicit Contracts: Evidence from CEO Employment Agreements
We report evidence on the determinants of whether the relationship between a firm and its Chief Executive Officer (CEO) is governed by an explicit (written) or an implicit agreement. We find thatExpand
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Going Overboard? On Busy Directors and Firm Value
The literature disagrees on the link between so-called busy boards (where many independent directors hold multiple board seats) and firm performance. Some argue that busyness certifies a director’sExpand
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Boards of Directors, Audit Committees, and the Information Content of Earnings
We examine the relation between the information content of earnings (earnings response coefficients) and board and audit committee structure for a broad sample of more than 1,200 firms during 2001.Expand
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Explaining Corporate Governance: Boards, Bylaws, and Charter Provisions
We provide arguments and present evidence that corporate governance structures are endogenous responses to the costs and benefits firms face when they choose the mechanisms that comprise thoseExpand
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