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What Matters in Corporate Governance?
(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, ...
Buying Troubled Assets
(Yale Journal on Regulation, 2009)
This paper analyzes how government intervention in the market for banks' troubled assets is best designed, and also uses this analysis to evaluate the public-private investment program announced by the U.S. government in ...
Fixing Bankers Pay
(Berkeley Electronic Press, 2009)
This essay – written for a special issue of the American Academy of Arts and Sciences’ Daedalus journal on lessons from the financial crisis – discusses how bankers’ pay should be fixed. I describe two distinct sources of ...
What Matters in Corporate Governance?
(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 ...
The Elusive Quest for Global Governance Standards
(2009)
Researchers and shareholder advisers have devoted much attention to developing metrics for assessing the governance of public companies around the world. These important and influential efforts, we argue, suffer from a ...
Negative-Expected-Value Suits
(John M. Olin Center for Law, Economics, and Business. Harvard Law School., 2009)
We review the literature on negative-expected-value suits (NEV suits) – suits in which the plaintiff would obtain a negative expected return from pursuing the suit all the way to judgment. We discuss alternative theories ...