Deregulation provides a natural experiment for examining how governance adapts to structural change in the business environment. We investigate the evolution of governance structure--ownership concentration, compensation policy, and board composition--in the U.S. airline industry during a 22-...

Since the revelation of accounting scandals at Enron, Worldcom, and several other high profile companies ("Enron et al.") five years ago, there has been unprecedented public focus on U.S. corporate governance. A common view, articulated by many journalists, politicians, and public pundits is...

The spot price of crude oil declined from $106.07 per barrel on June 30, 2014 to $53.45 per barrel on December 31, 2014, representing a 50% decline within six months. By December 31, 2015, the spot price had declined further, to $37.13, and it remains substantially below its level during 2011...