I develop a corporate governance framework, provide a broad overview of recent corporate
governance research, and place each of the Special Issue papers within the context of this …

Purpose We review and synthesize the existing research on directors' and officers'(D&O)
liability insurance. Our objectives are (1) to examine the institutional forces and regulatory …

Historically, bubbles are followed by crashes, which in turn are followed by punitive
legislation. The 1999–2003 era is fully consistent with this pattern….(Coffee, 2003a, p. 46) …

We examine the effect of directors' and officers' liability insurance (D&O insurance) on the
outcomes of merger and acquisition (M&A) decisions. We find that acquirers whose …

We analyze the effect of directors' and officers' liability insurance (D&O insurance) on the
spreads charged on bank loans. We find that higher levels of D&O insurance coverage are …

This paper examines the effect of managerial legal liability coverage on earnings
conservatism. Using directors' and officers'(D&O) liability insurance coverage and cash for …

Spreads on new and renegotiated corporate loans are significantly higher when the loan
originates (or is renegotiated) in the two years surrounding bankruptcy filings by industry …

We find that firms that provide limited liability and indemnification for their directors enjoy
higher credit ratings and lower yield spreads. We argue that such provisions insulate …

We examine whether directors׳ and officers׳(D&O) liability insurance affects a firm's cost of
equity. We find a positive association between D&O insurance and the cost of equity …

Earnings forecasts made by management affect stock prices. This has been shown by Patell
1976, Jaggi 1978, Nichols and Tsay 1979, Penman 1980, A**kya and Gift 1984, and …