Research papers authored by Stanford GSB faculty and published in leading peer-reviewed journals that provide rigorous empirical analysis of concepts and theories in corporate governance.
Review of Accounting Studies. February
27 , 2019, Vol. 24, Issue 2, Pages 536-569
We examine the long-term effects of interventions by activist hedge funds. Research documents positive equal-weighted long-term returns and operating performance improvements following activist interventions, and typically conclude that activism is...
Journal of Accounting Reseach. April
19 , 2016, Vol. 54, Issue 2, Pages 477-523
This paper examines the approaches accounting researchers adopt to draw causal inferences using observational (or nonexperimental) data. The vast majority of accounting research papers draw causal inferences notwithstanding the well-known...
Journal of Accounting and Economics. August
2015, Vol. 60, Issue 1, Pages 1 – 17
We examine the link between corporate governance, managerial incentives, and corporate tax avoidance. Similar to other investment opportunities that involve risky expected cash flows, unresolved agency problems may lead managers...
Journal of Law and Economics. February
2015, Vol. 58, Issue 1, Pages 173-204
This paper examines the economic consequences of institutional investors outsourcing research and voting decisions in public company elections to proxy advisory firms. We investigate the implications of these decisions in...
Journal of Accounting Research. December
2013, Vol. 51, Issue 5, Pages 909-950
This study examines the effects of shareholder support for equity compensation plans on subsequent CEO compensation. Using cross-sectional regression, instrumental variable, and regression discontinuity research designs, we find little evidence...
Journal of Accounting and Economics. November
2013, Vol. 56, Issue 2–3, Pages 149–169
This paper examines the economic consequences associated with the board of director’s choice of whether to adhere to proxy advisory firm policies in the design of stock option repricing programs....
Journal of Financial Economics. August
2013, Vol. 109 , Issue 2, Pages 327–350
Prior research argues that a manager whose wealth is more sensitive to changes in the firm’s stock price has a greater incentive to misreport. However, if the manager is risk-averse...
Journal of Accounting & Economics. April
2013, Vol. 55, Issue 2–3, Pages 225–250
Firms with central boards of directors earn superior risk-adjusted stock returns. A long (short) position in the most (least) central firms earns average annual returns of 4.68%. Firms with central...
Review of Accounting Studies. June
2012, Vol. 17, Issue 2, Pages 322–351
This study investigates the relation between corporate governance and CEO pay levels and the extent to which the higher pay found in firms using compensation consultants is related to governance...
Journal of Accounting Research. May
2012, Vol. 50, Issue 2, Pages 495–540
We estimate linguistic-based classification models of deceptive discussions during quarterly earnings conference calls. Using data on subsequent financial restatements and a set of criteria to identify severity of accounting problems,...