Ugur Lel

TL;DR: In this article, the authors examine a primary outcome of corporate governance, namely, the ability to identify and terminate poorly performing CEOs, to test the effectiveness of U.S. investor protections in improving the corporate governance of cross-listed firms.

TL;DR: In this paper, the authors examined the impact of independent board busyness on firm value in a setting that addresses a key challenge that the board of directors is an endogenously determined institution.

TL;DR: In this article, the authors examined investment strategies of SWFs and their effect on target firm valuation and how both of these are related to SWF transparency, and found that transparent SWFs are more likely to invest in financially constrained firms and have a greater impact on the target firm value than opaque SWFs.

TL;DR: In this article, the authors used the deaths of directors and chief executive officers as a natural experiment to generate exogenous variation in the time and resources available to independent directors at interlocked firms.

TL;DR: This paper examined the impact of currency derivatives on firm value using a broad sample of firms from thirty-nine countries with significant exchange-rate exposure and found that firms with strong internal firm-level or external country-level governance are more likely to use derivatives to hedge rather than to speculate or pursue managers' self-interest.