OCTOBER 2004


Chicago GSB gratefully acknowledges the financial support of Alison A. Winter '75, President, Personal Financial Services-Northeast, Northern Trust Corporation and Co-Founder of WomenCorporateDirectors, a forum for sharing best practices in corporate governance. Her generous gift supports the publication and distribution of the Corporate Governance series.


Cash Flow and Outcomes
How the Availability of Cash Impacts the Likelihood of Investing Wisely
Research by Marianne Bertrand

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What Drives Companies to Repurchase Their Stock?
The Relationship between Employee Stock Options and Stock Repurchases
Research by Daniel A. Bens and M.H. Franco Wong

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How Much are Nonexistent Earnings Worth?
Throwing Away Cash to Report False Earnings
Research by Merle Erickson

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The Ramifications of Restatements
Outside directors face job market penalties from financial reporting failures
Research by Suraj Srinivasan

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Checks and Balances
The Economics of Corporate Governance Reform
Research by Randall S. Kroszner

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The Glass is Not Broken
Evaluating the State of U.S. Corporate Governance
Research by Steven N. Kaplan

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The Value of Control
Protecting Minority Shareholders and Developing Better Financial Markets
Research by Luigi Zingales

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Don't Blame the System
Why Capitalism Must be Saved from the Capitalists
Research by Raghuram Rajan and Luigi Zingales

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Accounting Abroad: Keeping Managers and Auditors In Line
Reforming Financial Reporting in Developing Nations
Research by Ray Ball

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Buy, Sell, or Hold
Creating Incentives for Financial Analysts
Research by Joseph D. Piotroski and Abbie J. Smith

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The Court of Public Opinion
Reputation-Building, Corporate Governance, and the Media
Research by Luigi Zingales