Corporate Governance and Equity Prices
构建了一个治理指数来衡量约1500家大公司在1990年代的股东权利水平，发现买入股东权利最强公司、卖出最弱公司的策略每年可获得8.5%的超额收益，且股东权利强的公司价值、利润和销售增长更高。
Shareholder rights vary across firms. Using the incidence of 24 governance rules, we construct a "Governance Index" to proxy for the level of shareholder rights at about 1500 large firms during the 1990s. An investment strategy that bought firms in the lowest decile of the index (strongest rights) and sold firms in the highest decile of the index (weakest rights) would have earned abnormal returns of 8.5 percent per year during the sample period. We find that firms with stronger shareholder rights had higher firm value, higher profits, higher sales growth, lower capital expenditures, and made fewer corporate acquisitions.