Using newly available data, we examine the effects of the agency conflicts between ultimate controlling shareholders and minority shareholders in China's publicly listed firms between 2004 and 2009. We measure the severity of these agency problems by the excess control rights of the ultimate...

We consider boards as human groups in the uppermost echelon of corporations and examine how an informal hierarchy that tacitly forms among a firm's directors affects firm financial performance. This informal hierarchy is based on directors' deference for one another. We argue that the clarity of...

Motivated by some real world phenomena, we extend the standard model of decision making with a possibly biased decision maker under career concerns by adding: 1) a consultation stage in which the advice from an advisor is available; 2) the possibility that the decision maker can control the...