Article by an ISEG professor published in the Journal of Financial Economics

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

It is a category A journal in the ISI list, with Impact Factor 4.02 (5-year Impact factor 5.675). In this article the authors analyze, from both a theoretical and an empirical point of view, the relationship between the independence of a firm's Board of Directors and the degree of information implied by the firm's stock prices.

The article explores the substitution/complementarity effect between the Board of Directors and the Stock Market as disciplining elements of the executive team of listed companies.

You can access the abstract of the article at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1587762.