Advances in Financial Economics, volume 18, will present research on corporate governance both in the US and globally. The volume will aim at providing a deeper understanding of corporate governance practices, trends, innovations and challenges using international data.

Advances in Financial Economics Volume 19 deals with International Corporate Governance, particularly the role played by boards of directors, internal organization design and governance mechanisms, franchise agreements, the effect of regulation and policy, the market for corporate control, and...

In addition to its well-documented alignment effect, managerial ownership may also value-destroying effects by shifting risk to managers and encouraging risk-substitution; that is, managers with relatively undiversified personal portfolios tend to pass up profitable projects with high...