We examine the labor market consequences for directors who adopt poison pills. Directors who become associated with pill adoption experience significant decreases in vote margins and increases in termination rates across all their directorships. They also experience a decrease in the likelihood...

We explore the labor market effects of gender and race by examining board leadership appointments. Prior studies are often limited by observing only hired candidates, whereas the boardroom provides a controlled setting where both hired and unhired candidates are observable. Although diverse...

Busy directors have been widely criticized as being ineffective. However, we hypothesize that busy directors offer advantages for many firms. While busy directors may be less effective monitors, their experience and contacts arguably make them excellent advisors. Among IPO firms, which have...

We study the impact of a principles-based (i.e., comply or explain) approach to female representation on corporate boards. In contrast to the existing evidence on mandatory diversity regulation, we find that those firms most likely to be affected by this principles-based regulation exhibit...

We examine dispersion in director characteristics within a board. Directors with different skills can augment the board's overall expertise and decision making flexibility, but they also face coordination problems. Empirically, the negative effect of dispersion on value prevails. To establish...