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Distracted Directors: Does Board Busyness Hurt Shareholder Value?
We use the deaths of directors and chief executive officers as a natural experiment to generate exogenous variation in the time and resources available to independent directors at interlocked firms.Expand
The Use of Foreign Currency Derivatives, Corporate Governance, and Firm Value Around the World
This paper examines the impact of currency derivatives on firm value using a broad sample of firms from thirty-nine countries with significant exchange-rate exposure. Derivatives can be used forExpand
Friends or Foes? Target Selection Decisions of Sovereign Wealth Funds and Their Consequences
This paper examines investment strategies of sovereign wealth funds (SWFs), their effect on target firm valuation, and how both of these are related to SWF transparency. We find that SWFs preferExpand
International Cross-Listing, Firm Performance and Top Management Turnover: A Test of the Bonding Hypothesis
We examine a primary outcome of corporate governance, the ability to identify and terminate poorly performing CEOs, to test the effectiveness of U.S. investor protections in improving the corporateExpand
Does Takeover Activity Cause Managerial Discipline? Evidence from International M&A Laws
This paper exploits the staggered initiation of takeover laws across countries to examine whether the threat of takeover enhances managerial discipline. We show that following the passage of takeoverExpand
Currency Hedging and Corporate Governance : A Cross-country Analysis
Article history: Received 17 November 2009 Received in revised form 1 December 2011 Accepted 2 December 2011 Available online 14 December 2011 This paper examines the impact of the strength ofExpand
Say on Pay Laws, Executive Compensation, Pay Slice, and Firm Valuation around the World
This paper examines the effects of say on pay (SoP) laws on CEO compensation, the portion of top management pay captured by CEOs, and firm valuation. Using a large cross-country sample of aboutExpand
Corporate Governance and the Hedging Premium Around the World
This paper examines the use of foreign currency derivatives (FCDs) as a proxy for risk management and its potential impact on firm value in a broad sample of firms from thirty-nine countries betweenExpand
External Governance and Debt Agency Costs of Family Firms
We investigate the impact of family blockholders on the firm's debt agency costs under different investor protection environments. On one hand, families--through their undiversified investments,Expand