Showing 1 - 10 of 399
We analyze a unique database from a sample of real-world boardrooms - minutes of board meetings and board-committee meetings of eleven business companies for which the Israeli government holds a substantial equity interest. We use these data to evaluate the underlying assumptions and predictions...
Persistent link: https://www.econbiz.de/10013119600
Shareholder valuations are economically and statistically positively correlated with independent directors' power, gauged by social network power centrality. Powerful independent directors' sudden deaths reduce shareholder value significantly; other independent directors' deaths do not. More...
Persistent link: https://www.econbiz.de/10013034382
We derive conditions for when having a “busy” director on the board is harmful to shareholders and when it is beneficial. Our model allows directors to condition their monitoring choices on their co-directors' choices and to experience positive or negative monitoring synergies across firms....
Persistent link: https://www.econbiz.de/10012946482
This paper investigates the frequency of connections between banks and non-financial firms through board linkages and whether those connections affect lending and borrowing behavior. Although a board linkages may reduce the costs of information flows between the lender and borrower, a board...
Persistent link: https://www.econbiz.de/10012787534
This paper investigates what factors determine whether a commercial banker is on the board of a non-financial firm. We consider the tradeoff between the benefits of direct bank monitoring to the firm and the costs of active bank involvement in firm management. Given the different payoff...
Persistent link: https://www.econbiz.de/10012763350
This paper argues that once undistorted shareholder choice is ensured -- which can be done by making it necessary for hostile bidders to win a vote of shareholder support -- boards should not have veto power over takeover bids. The paper considers all of the arguments that have been offered for...
Persistent link: https://www.econbiz.de/10012767824
With an overall lack of gender and ethnic diversity in the innovation sector documented in Gompers and Wang (2017), we …. Second, using an instrumental variable set-up, we also show that improved gender diversity, induced by parenting more … ask the natural next question: Does increased diversity lead to better firm performances? In this paper, we attempt to …
Persistent link: https://www.econbiz.de/10012955439
In late 2003, Norway passed a law mandating 40 percent representation of each gender on the board of public limited … corporate sector and decrease the gender disparity in earnings within that sector. We document that the women appointed to these … boards post-reform were observably more qualified than their female predecessors along many dimensions, and that the gender …
Persistent link: https://www.econbiz.de/10013051756
Narrative records in US newspapers reveal that about 70 percent of Federal Open Market Committee (FOMC) members who served during the last 55 years are perceived to have had persistent policy preferences over time, as either inflation-fighting hawks or growth-promoting doves. The rest are...
Persistent link: https://www.econbiz.de/10012918077
entrenched CEO. We explore how to compose boards and appoint directors to mitigate deadlock. We find that board diversity and …
Persistent link: https://www.econbiz.de/10012864484