Project #53225 - Questions

Read the 2 atached files and answer the questions.

 

  1. What is the cross-sectional identification strategy in Coles et al (2008)?  First explain what cross-sectional relation between firm value and board size (structure) we would expect if all firms structure their boards to maximize firm value and if firms do not face any impediments to altering their board size (structure).  Then, discuss how the authors use the presence of transaction costs to produce cross sectional predictions.
  2. What are the basic empirical findings in Coles et al (2008), and how do they differ from the conventional wisdom that smaller and more independent boards are optimal?
  3. Adams and Ferreira (2007) propose a theoretical model of the board.  What is the basic idea in the Adams and Ferreira model?  Do the results in Coles et al. (2008) generically support or conflict with Adams and Ferreira?  Explain your answer.

Subject Business
Due By (Pacific Time) 01/09/2015 09:00 am
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