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Article by Professor of ISEG published in the Journal of Financial Economics

The article "Board Structure and Price Informativeness" has been accepted for publication in the Journal of Financial Economics (forthcoming 2011), authored by Clara Raposo, full professor at ISEG and by Daniel Ferreira (LSE) and Miguel Ferreira (UNL).

This is an A journal from the ISI list, with Impact factor 4.02 (5-year impact factor 5.675). In this article the authors analyze, both from a theoretical and an empirical perspective, the relation between the independence of the Board of Directors of a company and the degree of informativeness implied in the stock prices of the company.

The article explores the substitution/complementarity effect between the Board and the Stock Market in the role of disciplining the executive teams  of listed firms.

 You may access the article's abstract in:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1587762.