This paper investigates the relationship between firm performance and corporate governancein China. Firm performance is measured by Tobin's Q, while corporate governance is determinedbased on ownership structure and concentration. Prior research, in both China and elsewhere,indicates that...

This study finds that institutional investors in Australia recall loaned shares prior to shareholder meetings to exercise their voting rights as part of their effort to improve corporate governance. Recalls are increasingly common in larger firms, firms with more independent directors, and...

Capital market theory is concerned with the equilibrium relationship between risk and expected return on financial claims. Within this framework, this paper seeks to extend the mounting evidence against the view that the beta coefficient of the Capital Asset Pricing Model is the sole measure of...

Malkiel and Xu (1997) state that idiosyncratic volatility is highly correlated with size and that it plays a powerful role in explaining expected returns. In this paper we ask (a) whether idiosyncratic volatility is useful in explaining the variation in expected returns; and, (b) whether our...

In this paper we compare the performance of the traditional CAPM with the multifactor model of Fama and French (1996) for equities listed in the Shanghai Stock Exchange. We also investigate the explanatory power of idiosyncratic volatility and respond to the claim that multifactor model findings...

[...]This paper surveys the research on boards of directors in theeconomics and finance literature. Boards of directors are aneconomic institution that, in theory, helps to solve the agencyproblems inherent in managing an organization. Althoughboards satisfy numerous regulatory requirements,...

Benjamin E. Hermalin and Michael L. Katz<BR> Keywords: diversification; principal-agent relationship<BR> Firms undertake a variety of actions to reduce risk through diversification, including entering diverse lines of business, taking on project partners, and maintaining portfolios of risky projects...