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Three Essays In Corporate Governance, Vishaal Rabindranauth Anand Baulkaran

Theses and Dissertations (Comprehensive)

This dissertation comprises three related but different essays on corporate governance issues. The essays are preceded by an overview of the major areas of corporate governance research. The first essay investigates whether the valuation discount of dual class firms reported in the literature can be explained by three channels through which private benefits can be extracted—excess compensation, excess cash and excess capital expenditure. With a propensity score matched sample of S&P 1500 dual class and single class companies, I provide evidence that excess compensation and excess cash holdings of dual class companies lead to a larger discount that investors apply …