This paper surveys the empirical and theoretical literature on the mechanisms of corporate
governance. We focus on the internal mechanisms of corporate governance (eg, corporate …

A common view is that there is little correlation between firm performance and CEO pay.
Using a new fifteen-year panel data set of CEOs in the largest, publicly traded US …

In a leveraged buyout, a company is acquired by a specialized investment firm using a
relatively small portion of equity and a relatively large portion of outside debt financing. The …

This paper describes and considers explanations for changes in corporate governance and
merger activity in the United States since 1980. Corporate governance in the 1980s was …

We survey 79 private equity (PE) investors with combined assets under management of
more than $750 billion about their practices in firm valuation, capital structure, governance …

Private equity firms have long been at the center of public debates on the impact of the
financial sector on Main Street companies. Are these firms financial innovators that save …

We examine how leveraged buyouts from the most recent wave of public to private
transactions created value. Buyouts completed between 1990 and 2006 are more …

The State of US Corporate Governance 27 tral role in the highly productive restructuring of
US corporations that took place during the 1980s and 1990s. But the changes did have an …

We investigate whether corporate executives' stock repurchase decisions are affected by
their incentives to manage diluted earning per share (EPS). We find that executives increase …

We examine the incidence of disciplinary events that reduce the control of current managers,
and corporate restructuring among firms experiencing a large decline in operating …