I develop a corporate governance framework, provide a broad overview of recent corporate
governance research, and place each of the Special Issue papers within the context of this …

Recent US corporate governance reforms introduced extensive regulations and guidelines
for public corporations, particularly corporate boards. This article evaluates the extent to …

This paper is a survey of the literature on boards of directors, with an emphasis on research
done subsequent to the Benjamin E. Hermalin and Michael S. Weisbach (2003) survey. The …

This paper reexamines the relation between firm value and board structure. We find that
complex firms, which have greater advising requirements than simple firms, have larger …

This article, which introduces the special issue on corporate governance cosponsored by
the Review of Financial Studies and the National Bureau of Economic Research (NBER) …

This paper models the interaction of firm insiders and outsiders on a corporate board and
addresses the question of the board's ideal size and composition. In the model, the board is …

Using three different measures of conservatism, we document that (i) the percentage of
inside directors is negatively related to conservatism, and (ii) the percentage of outside …

This article presents a model of optimal control of corporate boards of directors. We
determine when one would expect inside versus outside directors to control the board, when …

This study examines the voting behavior of independent directors of public companies in
China from 2004–2012. The unique data at the individual-director level overcome …

The unique regulation of US public pension funds links their liability discount rate to the
expected return on assets, which gives them incentives to invest more in risky assets in …