FALL 2003

The Glass is Not Broken
Evaluating the State of U.S. Corporate Governance
To a casual observer, the United States corporate governance system may seem as if it is beyond repair. New research poses the question: If U.S. corporate governance is so bad, why has performance been so good?
Research by Steven N. Kaplan

What Drives Companies to Repurchase Their Stock?
The Relationship between Employee Stock Options and Stock Repurchases
In the late 1990s, the use of employee stock options increased dramatically, as did the use of stock repurchases. Both affect a company's earnings per share. New research goes beyond the anecdotes to determine whether financial reporting incentives affect corporate managers' decisions to repurchase their company's stock.
Research by Daniel A. Bens, M.H. Franco Wong, and Douglas J. Skinner

Junior Must Pay
Privatizing Social Security-Costs vs. Benefits
As the baby boomer generation nears retirement age, fixing the U.S. Social Security system becomes an even more pressing issue. New research finds that privatizing Social Security is a risk worth taking.
Research by George M. Constantinides and Rajnish Mehra

Tainted Knowledge vs. Tempting Knowledge
Rivalry, Self-Esteem, and Patterns of Learning
New research compares how learning occurs between internal and external rivals.
Research by Tanya Menon