In corporate law and governance, the impact of empirical work has been pervasive, as reflected by the fact that over one quarter of the papers submitted to CELS related to these topics. Beginning in the 1970s, theorists in economics and law laid the foundations of the field. With respect to key questions, however, theory could not provide an answer. For example, are staggered boards value enhancing? Are independent directors? Is separating the positions of CEO and board chair? For each of these questions, there is theoretical support on both sides. Empirical analysis is therefore necessary to answer them.

 

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