Harald Hau - University of Geneva

Abstract

We investigate if the primary motivation of board overlap is to mitigate competitive spillovers or to manage technology spillovers. We focus on the staggered introduction of Corporate Opportunity Waivers (COWs) in nine U.S. states since 2000, which reduced legal risk to directors serving on multiple boards and increased intra-industry board overlap. Only firm pairs with strong competitive spillovers experience new board overlap, whereas strong technology spillovers do not trigger new board overlap. New intra-industry board overlap results in higher firm profitability and increased operating margins and is achieved through reduced investments and greater differentiation in product development.

Additional information:

• Speaker: Harald Hau
• Time: Wednesday, 16.04.2025, 14:45 - 16:00
• Location: Faculty Lounge, Room 0.036
• Further links:
  • Harald Hau´s homepage¹
• Organizer: Finance Group
• Contact:
  • Almut Lunkenheimer
  • +49 228 73-9228
  • ifs@uni-bonn.de