Now showing items 1-13 of 13

    • Affirmative Action and Stereotype Threat 

      Cohen, Alma (2015)
      This paper provides experimental evidence on the effect of affirmative action (AA). In particular, we investigate whether affirmative action has a ”stereotype threat effect” – that is, whether AA cues a negative stereotype ...
    • The Costs of Entrenched Boards 

      Bebchuk, Lucian Arye; Cohen, Alma (Elsevier, 2005)
      This paper investigates empirically how the value of publicly traded firms is affected by arrangements that protect management from removal. Staggered boards, which a majority of U.S. public companies have, substantially ...
    • Does the Evidence Favor State Competition in Corporate Law 

      Bebchuk, Lucian Arye; Cohen, Alma; Ferrell, Frank A. (California Law Review Inc., 2002)
    • Golden Parachutes and the Wealth of Shareholders 

      Bebchuk, Lucian Arye; Cohen, Alma; Wang, Changyi Chang-Yi (2014)
      Golden parachutes (GPs) have attracted substantial attention from investors and public officials for more than two decades. We find that GPs are associated with higher expected acquisition premiums and that this association ...
    • How Do Staggered Boards Affect Shareholder Value? Evidence from a Natural Experiment 

      Cohen, Alma; Wang, Changyi Chang-Yi (Elsevier, 2013)
      The well-established negative correlation between staggered boards (SBs) and firm value could be due to SBs leading to lower value or a reflection of low-value firms' greater propensity to maintain SBs. We analyze the ...
    • Judicial Decision Making: A Dynamic Reputation Approach 

      Cohen, Alma; Klement, Alon; Neeman, Zvika (University of Chicago Law School., 2015)
      We seek to contribute to an understanding of how judicial elections affect the incentives and decisions of judges. We develop a theoretical model suggesting that judges who are concerned about their reputation would tend ...
    • Reexamining staggered boards and shareholder value 

      Cohen, Alma; Wang, Changyi Chang-Yi (Elsevier BV, 2017)
      Cohen and Wang (2013) (CW2013) provide evidence consistent with market participants perceiving staggered boards to be value reducing. Amihud and Stoyanov (2016) (AS2016) contests these findings, reporting some specifications ...
    • Staggered Boards and Shareholder Value: A Reply to Amihud and Stoyanov 

      Cohen, Alma; Wang, Changyi Chang-Yi (2016-03-03)
      In a paper published in the JFE in 2013, we provided evidence that market participants perceive staggered boards to be on average value-reducing. In a recent response paper, Amihud and Stoyanov (2015) “contest” our results. ...
    • Staggered Boards and the Wealth of Shareholders: Evidence from Two Natural Experiments 

      Bebchuk, Lucian Arye; Cohen, Alma; Wang, Charles C.Y. (John M. Olin Center for Law, Economics, and Business. Harvard Law School., 2011)
      While staggered boards have been documented to be negatively correlated with firm valuation, such association might be due to staggered boards either bringing about lower firm value or merely reflecting the tendency of ...
    • Termination Risk and Agency Problems: Evidence from the NBA 

      Cohen, Alma (2015)
      When organizational structures and contractual arrangements face agents with a significant risk of termination in the short term, such agents may under-invest in projects whose results would be realized only in the long ...
    • The Wages of Failure: Executive Compensation at Bear Stearns and Lehman 2000-2008 

      Bebchuk, Lucian Arye; Cohen, Alma; Spamann, Holger (Yale Journal on Regulation, 2010)
      The standard narrative of the meltdown of Bear Stearns and Lehman Brothers assumes that the wealth of the top executives of these firms was largely wiped out along with their firms. In the ongoing debate about regulatory ...
    • What Matters in Corporate Governance? 

      Bebchuk, Lucian Arye; Cohen, Alma; Ferrell, Frank A. (Oxford University Press (OUP), 2009)
      We investigate the relative importance of the twenty-four provisions followed by the Investor Responsibility Research Center (IRRC) and included in the Gompers, Ishii, and Metrick governance index (Gompers, Ishii, and ...
    • What Matters in Corporate Governance? 

      Bebchuk, Lucian Arye; Cohen, Alma; Ferrell, Frank A. (Oxford University Press (OUP), 2009)
      We investigate which provisions, among a set of twenty-four governance provisions followed by the Investor Responsibility Research Center (IRRC), are correlated with firm value and stockholder returns. Based on this analysis, ...