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Outside directors, board independence, and shareholder wealth☆
Abstract Management plays a dominant role in selecting outside directors, inviting skepticism about outsiders' ability to make independent judgments on firm performance. Our examination of wealthExpand
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Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis
Our objective is to examine the sensitivity of simultaneous equations techniques in corporate governance research. We model Tobin's Q, board composition, and managerial ownership using aExpand
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Firm performance and board composition: Some new evidence
We investigate the effect of board composition on overall corporate performance while controlling for managerial ownership and other key variables. We recognize that both managerial ownership andExpand
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Inside directors, board effectiveness, and shareholder wealth
Abstract We investigate whether inside managers are added to corporate boards for efficiency or entrenchment purposes. Our examination of inside director appointments finds that the stock-marketExpand
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Board Composition and Shareholder Wealth: The Case of Management Buyouts
There is an inherent conflict of interest between managers and shareholders when all or part of a public corporation is taken private and managers become major shareholders in the newly privatizedExpand
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The role of outside directors in bank acquisitions
Banking law appears to limit the available pool of qualified directors. This study finds - in contrast to nonfinancial firms - a negative relation between abnormal returns and the proportion ofExpand
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Shareholder wealth effects when an officer of one corporation joins the board of directors of another
Officers of large corporations, having demonstrated expertise in managing complex organizations, would appear to be ideal additions to the boards of directors of other corporations. ShareholderExpand
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The value of financial outside directors on corporate boards
Abstract The appointment of a financial outside director to the board of a public corporation is associated with positive abnormal returns, attributable entirely to the smaller than median-size firmsExpand
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Corporate control is assumed to rest in management's hands in firms with widely dispersed share ownership, but ownership of a relatively small block of shares may be sufficient to give theExpand
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The wealth effects of board composition and ownership structure in international acquisitions
This paper examines the association between board composition, ownership structure, and the shareholder wealth of bidding U.S. firms in international acquisitions. Foreign acquisitions representExpand
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