Maisondieu-Laforge, Olivier; Kim, Yong H.; Kim, Young S. - In: Institutional approach to global corporate governance : …, (pp. 187-206). 2008
When corporate governance is effective, new managerial contracts should maximize shareholder wealth. The Omnibus Budget Reconciliation Act (OBRA) of 1993 provides a natural environment to examine the effectiveness of corporate governance. We find that firms affected by OBRAs $1 million cap on...
