Boards of directors are intellectually interesting; the literature on boards has academic
impact and there is substantial scope for this literature to have policy impact. I illustrate these …

US corporate law gives shareholders-and only shareholders-the right to elect corporate
directors. 1 This governance arrangement is a natural choice if one subscribes to the idea …

The average total compensation of directors in US-listed companies was $342,030 in 2020,
5.06 times the median household income. Directors set their own pay, giving rise to potential …

We address the heated debate over the staggered board. One theory claims that a
staggered board facilitates entrenchment of inefficient management and thus harms …

This paper studies the disciplinary spillover effects of proxy contests on companies that
share directors with target firms, that is, interlocked firms. In difference-in-differences tests, I …

Using US data from 1983 to 2015, we document that firms with staggered boards exhibit
greater labor investment efficiency, measured as less abnormal net hiring, including over …

Takeover defenses are ubiquitous in corporate life: over 99% of mature firms and 92% of
new initial public offering (IPO) firms have at least one of the six E-index defenses, and most …

Letting workers elect some percentage of corporate directors, an approach known as
codetermination, has long been viewed as a historical quirk primarily confined to the social …

In this paper, we empirically investigate how staggered boards, a prevailing governance
structure of high-tech firms, influence firms' product innovations in the United States. We …

Boards can learn about the environment of their firms through information gathering and
communicating with the CEO. In the post-Sarbanes-Oxley environment, some boards have …