firm value

Corporate Governance: Reform of Corporate Boards

We examine the impact of corporate board reforms on firm value in 41 countries. Using a difference-in-differences design, we find that board reforms increase firm value. Reforms involving board and audit committee independence, bu ...

Explaining the Share Repurchase Puzzle
JACOBSEN, Stacey | BHATTACHARYA, Utpal

When firms announce they will repurchase shares, the market tends to see this as good news and responds positively – even though there is no requirement on the firm to actually repurchase. In fact, a number of firms never do ...