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Research Seminar: Classified Boards: Endangered species or hiding in plain sight?

Research Seminar: Classified Boards: Endangered species or hiding in plain sight?

Nazarbayev University Graduate School of Business invites you to the Research Seminar titled "Classified Boards: Endangered species or hiding in plain sight?" by Scott Guernsey.

Abstract: We combine machine learning with manual inspection to determine the classified board status of over 12,500 firms from 1996 to 2020. We find that while the fraction of S&P 1500 firms with a classified board fell from 58% to 30% over this period, it rose from 40% to 53% for non-S&P 1500 firms. Increasing attention to governance and rising index ownership of S&P 1500 firms appear to drive these trend differences. Our results suggest the conventional wisdom that classified boards are becoming an endangered species is inaccurate for most firms. Rather, they are hiding among firms neglected by commercial databases.


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Wednesday, September 28, 2022






Scott Guernsey

Assistant professor of finance at the University of Tennessee

Scott Guernsey is an assistant professor of finance at the University of Tennessee. He received a Ph.D. in finance from the University of Oklahoma and an MBA in finance, a B.S. in applied mathematics and a B.A. with a double major in economics and communication from the University of New Mexico. Prior to joining the Haslam College of Business, Scott was a postdoctoral research associate at the University of Cambridge and an advisory editor for the Review of Financial Studies.
Scott’s research focuses on empirical corporate finance, with a particular emphasis on corporate governance, innovation, law and finance, mergers and acquisitions, capital structure and venture capital. His research has been published in the Journal of Financial Economics, the Journal of Financial and Quantitative Analysis and the Journal of Corporation Law, and has been presented at high–quality finance conferences, including the Adam Smith Corporate Finance Workshop, the American Finance Association Meeting, the NBER Law and Economics Meeting and the North American SFS Cavalcade Meeting, and has won awards at other major conferences.