NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Miriam Schwartz-Ziv

Program on Corporate Governance
Harvard Law School
1557 Massachusetts Avenue
Cambridge, MA 02138

E-Mail: miriam.schwartz@mail.huji.ac.il
Institutional Affiliations: Hebrew University and Harvard University and Department of Finance, Hebrew University of Jerusalem, Israel

NBER Working Papers and Publications

October 2011What do Boards Really Do? Evidence from Minutes of Board Meetings
with Michael Weisbach: w17509
We analyze a unique database from a sample of real-world boardrooms - minutes of board meetings and board-committee meetings of eleven business companies for which the Israeli government holds a substantial equity interest. We use these data to evaluate the underlying assumptions and predictions of models of boards of directors. These models generally fall into two categories: "managerial models" assume boards play a direct role in managing the firm, and "supervisory models" assume that boards' monitor top management but do not make business decisions themselves. Consistent with the supervisory models, our minutes-based data suggest that boards spend most of their time monitoring management: 67% of the issues they discussed were of a supervisory nature, they were presented with only a sing...

Published: “What do Boards Really do? Evidence from Minutes of Board Meetings” (with Miriam Schwartz- Ziv), Journal of Financial Economics, Vol. 108 (May 2013), pp. 349-366.

 
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