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Journal Articles

Research papers authored by Stanford GSB faculty and published in leading peer-reviewed journals that provide rigorous empirical analysis of concepts and theories in corporate governance.

Journal Article|

The Double-Edged Sword Of CEO Activism

David F. Larcker, Stephen A. Miles, Brian Tayan, Kim Wright-Violich
Corporate Board. June
2019, Vol. 40, Issue 236, Pages 1-5

The article focuses on the practice of chief executive officers (CEO) taking public positions on issues not directly related to their business, also known as CEO activism. Topics covered include...

Journal Article|

Long-Term Economic Consequences of Hedge Fund Activist Interventions

Ed deHaan, David F. Larcker, Charles McClure
Review of Accounting Studies. February
27 , 2019, Vol. 24, Issue 2, Pages 536-569

We examine the long-term effects of interventions by activist hedge funds. Research documents positive equal-weighted long-term returns and operating performance improvements following activist interventions, and typically conclude that activism is...

Journal Article|

Causal Inference in Accounting Research

Ian D. Gow, David F. Larcker, Peter C. Reiss
Journal of Accounting Reseach. April
19 , 2016, Vol. 54, Issue 2, Pages 477-523

This paper examines the approaches accounting researchers adopt to draw causal inferences using observational (or nonexperimental) data. The vast majority of accounting research papers draw causal inferences notwithstanding the well-known...

Journal Article|

Corporate Governance, Incentives, and Tax Avoidance

Christopher S. Armstrong, Jennifer L. Blouina, Alan D. Jagolinzer, David F. Larcker
Journal of Accounting and Economics. August
2015, Vol. 60, Issue 1, Pages 1 – 17

We examine the link between corporate governance, managerial incentives, and corporate tax avoidance. Similar to other investment opportunities that involve risky expected cash flows, unresolved agency problems may lead managers...

Journal Article|

Outsourcing Shareholder Voting to Proxy Advisory Firms

David F. Larcker, Allan L. McCall, Gaizka Ormazabal
Journal of Law and Economics. February
2015, Vol. 58, Issue 1, Pages 173-204

This paper examines the economic consequences of institutional investors outsourcing research and voting decisions in public company elections to proxy advisory firms. We investigate the implications of these decisions in...

Journal Article|

The Efficacy of Shareholder Voting: Evidence from Equity Compensation Plans

Christopher S. Armstrong, Ian D. Gow, David F. Larcker
Journal of Accounting Research. December
2013, Vol. 51, Issue 5, Pages 909-950

This study examines the effects of shareholder support for equity compensation plans on subsequent CEO compensation. Using cross-sectional regression, instrumental variable, and regression discontinuity research designs, we find little evidence...

Journal Article|

Proxy Advisory Firms and Stock Option Repricing

David F. Larcker, Allan L. McCall, Gaizka Ormazabal
Journal of Accounting and Economics. November
2013, Vol. 56, Issue 2–3, Pages 149–169

This paper examines the economic consequences associated with the board of director’s choice of whether to adhere to proxy advisory firm policies in the design of stock option repricing programs....

Journal Article|

The Relation between Equity Incentives and Misreporting: The Role of Risk-Taking Incentives

Christopher S. Armstrong, David F. Larcker, Gaizka Ormazabal, Daniel J. Taylor
Journal of Financial Economics. August
2013, Vol. 109 , Issue 2, Pages 327–350

Prior research argues that a manager whose wealth is more sensitive to changes in the firm’s stock price has a greater incentive to misreport. However, if the manager is risk-averse...

Journal Article|

Boardroom Centrality and Firm Performance

David F. Larcker, Eric C. So, Charles C.Y. Wang
Journal of Accounting & Economics. April
2013, Vol. 55, Issue 2–3, Pages 225–250

Firms with central boards of directors earn superior risk-adjusted stock returns. A long (short) position in the most (least) central firms earns average annual returns of 4.68%. Firms with central...

Journal Article|

Corporate Governance, Compensation Consultants, and CEO Pay Levels

Christopher S. Armstrong, Christopher D. Ittner, David F. Larcker
Review of Accounting Studies. June
2012, Vol. 17, Issue 2, Pages 322–351

This study investigates the relation between corporate governance and CEO pay levels and the extent to which the higher pay found in firms using compensation consultants is related to governance...

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