CGRI research spans these topics: general principles, board of directors, leadership and succession planning, compensation, audit and risk, shareholders, and proxy advisory.
Shall We Talk? The Role of Interactive Investor Platforms in Corporate Communication
Between 2010 and 2017, Chinese investors used an investor interactive platform (IIP) to ask public companies around 2.5 million…
How Much Should We Trust Staggered Difference-In-Differences Estimates?
We explain when and how staggered difference-in-differences regression estimators, commonly applied to assess the impact of policy changes, are…
Political Connections and the Informativeness of Insider Trades
We analyze the trading of corporate insiders at leading financial institutions during the 2007 to 2009 financial crisis. We find strong evidence…
Long-Term Economic Consequences of Hedge Fund Activist Interventions
We examine the long-term effects of interventions by activist hedge funds. Research documents positive equal-weighted long-term returns and…
Causal Inference in Accounting Research
This paper examines the approaches accounting researchers adopt to draw causal inferences using observational (or nonexperimental) data. The vast…
Corporate Governance, Incentives, and Tax Avoidance
We examine the link between corporate governance, managerial incentives, and corporate tax avoidance. Similar to other investment opportunities…
Outsourcing Shareholder Voting to Proxy Advisory Firms
This paper examines the economic consequences of institutional investors outsourcing research and voting decisions in public company elections to…
The Efficacy of Shareholder Voting: Evidence from Equity Compensation Plans
This study examines the effects of shareholder support for equity compensation plans on subsequent CEO compensation. Using cross-sectional…
Proxy Advisory Firms and Stock Option Repricing
This paper examines the economic consequences associated with the board of director’s choice of whether to adhere to proxy advisory firm policies…
The Relation between Equity Incentives and Misreporting: The Role of Risk-Taking Incentives
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.…
Boardroom Centrality and Firm Performance
Firms with central boards of directors earn superior risk-adjusted stock returns. A long (short) position in the most (least) central firms earns…
Corporate Governance, Compensation Consultants, and CEO Pay Levels
This study investigates the relation between corporate governance and CEO pay levels and the extent to which the higher pay found in firms using…
Detecting Deceptive Discussions in Conference Calls
We estimate linguistic-based classification models of deceptive discussions during quarterly earnings conference calls. Using data on subsequent…
Corporate Governance and the Information Content of Insider Trades
Most corporate governance research focuses on the behavior of chief executive officers, board members, institutional shareholders, and other…
The Market Reaction to Corporate Governance Regulation
This paper investigates the market reaction to recent legislative and regulatory actions pertaining to corporate governance. The managerial power…
Rating the Ratings: How Good Are Commercial Governance Ratings?
Proxy advisory and corporate governance rating firms (such as RiskMetrics/Institutional Shareholder Services, Governance Metrics International,…
Endogenous Selection and Moral Hazard in Compensation Contracts
The two major paradigms in the theoretical agency literature are moral hazard (i.e., hidden action) and adverse selection (i.e., hidden…
Chief Executive Officer Equity Incentives and Accounting Irregularities
This study examines whether Chief Executive Officer (CEO) equity-based holdings and compensation provide incentives to manipulate accounting…
On the Use of Instrumental Variables in Accounting Research
Instrumental variable (IV) methods are commonly used in accounting research (e.g., earnings management, corporate governance, executive…
The Stock Market's Pricing of Customer Satisfaction
A number of recent marketing studies examine the stock market’s response to the release of American Customer Satisfaction Index (ACSI) scores. The…
Discussion of “The Impact of the Options Backdating Scandal on Shareholders” and “Taxes and the Backdating of Stock Option Exercise Dates”
Bernile and Jarrell provide extensive analysis regarding the impact of backdating the stock option exercise price on stock returns for a…
The Power of the Pen and Executive Compensation
We examine the press’ role in monitoring and influencing executive compensation practice using more than 11,000 press articles about CEO…
Perfomance-Based Compensation in Professional Service Firms: An Examination of Medical Group Practices
We examine the importance of agency considerations for the mix of salary and performance-based compensation in member-owned medical practices.…
Corporate Governance, Accounting Outcomes and Organizational Performance
The empirical research examining the association between typical measures of corporate governance and various accounting and economic outcomes has…