Showing results 1 - 5 of 5
| Mark Roe | Holger Spamann | Jesse Fried | Charles Wang
2021, Paper: "In July 2020, the European Commission published the “Study on directors’ duties and sustainable corporate governance” by Ernst & Young (EY). The Report purports to find evidence of debilitating short-termism in EU corporate governance and recommends many changes to support sustainable corporate governance. In this paper, we point out deep flaws in the Report’s evidence and analysis. We recently submitted the content of this…
| Mark Roe | Holger Spamann | Jesse Fried | Charles Wang
October 14, 2020, Paper: "In July 2020, the European Commission published the “Study on directors’ duties and sustainable corporate governance” by EY. The Report purports to find evidence of debilitating short-termism in EU corporate governance and recommends many changes to support sustainable corporate governance. In this paper, we point out deep flaws in the Report’s evidence and analysis. We recently submitted the content of this paper in…
| Holger Spamann
Monetary Liability for Breach of the Duty of Care? Holger Spamann, September 2015, Paper, "This paper clarifies why optimal corporate governance generally excludes monetary liability for breach of directors’ and managers’ fiduciary duty of care. In principle, payments predicated on judicial evaluations of directors’ and managers’ business decisions could usefully supplement payments predicated on stock prices or accounting figures in the…
| Holger Spamann
Deficiencies in Accounting and Financial Reporting of State and Municipal Governments. Holger Spamann, June 2015, Paper. "Detroit's bankruptcy highlighted what savvy observers have been warning about for years: The finances of many states, cities, and other localities are in dire straits. The authors believe that this financial calamity is partly attributable to the outdated and ineffective financial reporting regime for public entities, and…
On Inference When Using State Corporate Laws for Identification. Holger Spamann, December 5, 2019, Paper, "A popular research design identifies the effects of corporate governance by (changes in) state laws, clustering standard errors by state of incorporation. Using Monte-Carlo simulations, this paper shows that conventional statistical tests based on these standard errors dramatically overreject: in a typical design, randomly generated “placebo…