Outside directors and CEO turnover

TL;DR: In this article, the authors examine whether voluntary deregistrations after the passage of Sarbanes-Oxley Act of 2002 (SOX) were intended to benefit common shareholders by avoiding firms' costs of complying with SOX and/or to protect the control rents of managers or controlling shareholders from the corporate governance mandates of SOX.

TL;DR: The type II agency problem as discussed by the authors explains the excessive subservience of agent-to-principal, here dubbed the type II agent problem, explains directors' eerie submission.

TL;DR: In this paper, the authors examined the corporate governance ratings provided by three premier US rating agencies and found that summary scores are generally poor predictors of primary and secondary measures of future firm performance, and some component sub-ratings that focus on the eight key dimensions of dynamic governance structures provide more positive and reliable evidence of their information content in predicting the multiple dimensions of firm performance.

TL;DR: In this article, the authors examined the factors associated with the presence of board sub-committees, specifically audit, remuneration and nomination committees, and found that audit committee presence is positively associated with Big 6 auditors and the number of intercorporate relationships of the directors of the board.

TL;DR: The authors argue that the separation of decision and risk-bearing functions observed in large corporations is common to other organizations such as large professional partnerships, financial mutuals, and nonprofits. But they do not consider the role of decision agents in these organizations.

TL;DR: In this article, the authors explain how the separation of security ownership and control, typical of large corporations, can be an efficient form of economic organization, and set aside the presumption that a corporation has owners in any meaningful sense.

TL;DR: Algebra of Vectors and Matrices, Probability Theory, Tools and Techniques, and Continuous Probability Models.

TL;DR: This article investigated the relationship between management ownership and market valuation of the firm, as measured by Tobin's Q. In a 1980 cross-section of 371 Fortune 500 firms, they found evidence of a significant nonmonotonic relationship.