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We investigate the association between attributes of the audit committee of a firm and the likelihood of negative events occurring in the firm’s life in Israel. The mandate of the audit committee in Israel is substantially different from its mandate in the US. The responsibilities of the committee in the US are divided between two committees in Israel, one of which deals with reviewing the financial statements and the other one, titled “audit committee,” is in charge of the remaining tasks of the US-type audit committee. This allows us a unique opportunity to focus on the roles of the audit committee other than reviewing the financial statements. Using hand-collected data on firms traded on Tel Aviv Stock Exchange in 2010–2014, we find that the larger the audit committee size, the larger the likelihood of negative events, consistent with the cumbersome workings and potential conflicts of interests characterizing a large committee. The percentage of directors with accounting and financial expertise on the audit committee is associated with a lower likelihood of negative events, in line with the value of such experts in tasks beyond reviewing the financial statements. The fraction of independent directors on the audit committee is not found to be significantly related to the likelihood of negative events. This is consistent with the notion that some independent directors are independent in form but not necessarily in substance, which is surprising in light of the comprehensive regulation regarding audit committee independence imposed by the Israeli regulator.

IN the editorial columns of our last issue we asked the question, “What of Plymouth?” We are pleased to be able to announce that Mr. Fred. Cole, Chief Librarian and Curator of Huddersfield, has been appointed. Mr. Cole leaves Huddersfield with a splendid record as an indefatigable worker and organizer. Labouring under great difficulties he raised the standard of the Library to a high state of efficiency, and his recently‐organized Music Section has brought a host of appreciations and unqualified praise. We congratulate Mr. Cole on his appointment and wish him every success in his new sphere, where he will find even more scope for his energies and undoubted enthusiasm.

Numerous empirical studies have been conducted to analyze the impact of board gender diversity (BGD) on firm performance without being able to establish a clear relationship. In this paper, we reassess the relationship between BGD and firm performance by using a quantile regression approach. Our results indicate that BGD matters only across a subset of the firm performance distribution. Moreover, when the possible endogeneity of the relationship between BGD and firm performance is taken into account, there are some conditions under which a positive and significant relationship is observed for the eight lowest quantiles.

This chapter presents a form of both co-participation theory and artful inquiry methodology as useful approaches in carrying out research into the student experience. Participatory Pedagogy is predicated on repositioning participants as co-producers of knowledge by introducing them to important aspects of the research, providing a platform to foster expression and affording opportunities to co-shape the research process. Artful inquiry can take many different forms, but collage in particular has the capacity to bring new meanings to the surface even in well-researched fields, such as the student experience. In supporting a Participatory Pedagogy approach, collage can unpack powerful testimonies of personal experience. A practical application of this pairing is also presented based on research into the student experience. This gives readers an insight into how it can be applied to a study, what its limitations might be and especially how students, particularly those from under-represented backgrounds, can benefit from being involved.

We document the emergence of the Lead Independent Director (LID) board role in a sample of U.S. firms from 1999–2015. We find that firms that adopt an LID board role are larger and have more independent boards, higher institutional investor holdings, and an NYSE listing. Firms with greater anticipated benefits from monitoring also adopt an LID role, e.g., firms with dual CEO-Chairman, with more takeover defense mechanisms, and with higher cash holdings. Using an event study methodology, we find that investors respond positively to the adoption of an LID board role. Lastly, using instrumental variables to address endogeneity in the LID board role, we find that firms with an LID are more likely to terminate poorly performing CEOs. Taken as a whole, these results suggest that the LID board role enhances firm value and improves the quality of corporate governance.