Sanjai Bhagat

University of Colorado at Boulder - Department of Finance

Prof.

Campus Box 419

Boulder, CO 80309

United States

  • University of Colorado at Boulder - Department of Finance

    • Email
    • Tel: 303-492-7821
SCHOLARLY PAPERS

48

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412

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Scholarly Papers (48)

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1.

The Non-Correlation between Board Independence and Long-Term Firm Performance

Downloads 9,667 ( 928)
Citation 391

The Non-Correlation between Board Independence and Long-Term Firm Performance

Stanford Law and Economics Olin Working Paper No. 185
Number of pages: 44 Posted: 03 Oct 1998
Sanjai Bhagat and Bernard S. Black
University of Colorado at Boulder - Department of Finance and Northwestern University - Pritzker School of Law
Downloads 8,742 (1,077)
Citation 411

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The Non-Correlation between Board Independence And Long-Term Firm Performance

Number of pages: 43 Posted: 03 Jan 2003
Sanjai Bhagat and Bernard S. Black
University of Colorado at Boulder - Department of Finance and Northwestern University - Pritzker School of Law
Downloads 925 (40,405)

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2.

The Uncertain Relationship between Board Composition and Firm Performance

Number of pages: 47 Posted: 17 Oct 1997
Sanjai Bhagat and Bernard S. Black
University of Colorado at Boulder - Department of Finance and Northwestern University - Pritzker School of Law
Downloads 7,076 (1,581)
Citation 170

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3.

Corporate Governance and Firm Performance

Number of pages: 58 Posted: 28 Sep 2007
Sanjai Bhagat and Brian J. Bolton
University of Colorado at Boulder - Department of Finance and University of Louisiana at Lafayette
Downloads 5,504 (2,413)
Citation 39

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Corporate governance, corporate performance, corporate ownership, capital structure, management turnover

4.

CEO Education, CEO Turnover, and Firm Performance

Number of pages: 48 Posted: 02 Sep 2010 Last Revised: 09 Nov 2010
Sanjai Bhagat, Brian J. Bolton and Ajay Subramanian
University of Colorado at Boulder - Department of Finance, University of Louisiana at Lafayette and Georgia State University
Downloads 4,133 (4,007)
Citation 64

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Manager Ability, CEO Turnover, CEO Education, Firm Performance, Corporate Governance

5.

Event Studies and the Law - Part I: Technique and Corporate Litigation

Number of pages: 35 Posted: 01 May 2001
Sanjai Bhagat and Roberta Romano
University of Colorado at Boulder - Department of Finance and Yale Law School
Downloads 3,070 (6,589)
Citation 17

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6.

The Promise and Peril of Corporate Governance Indices

ECGI - Law Working Paper No. 89/2007, Yale Law & Economics Research Paper No. 367
Number of pages: 91 Posted: 14 Oct 2007 Last Revised: 15 Feb 2009
Sanjai Bhagat, Brian J. Bolton and Roberta Romano
University of Colorado at Boulder - Department of Finance, University of Louisiana at Lafayette and Yale Law School
Downloads 2,691 (8,082)
Citation 59

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corporate governance, corporate performance, governance indices

7.

Empirical Studies of Corporate Law

HANDBOOK OF LAW AND ECONOMICS, A. Mitchell Polinsky and Steven Shavell, Forthcoming, Yale ICF Working Paper No. 05-16, ECGI - Finance Working Paper Forthcoming, European Corporate Governance Institute (ECGI) - Law Working Paper No. 44/2005
Number of pages: 118 Posted: 27 May 2005 Last Revised: 13 Nov 2018
Sanjai Bhagat and Roberta Romano
University of Colorado at Boulder - Department of Finance and Yale Law School
Downloads 2,267 (10,636)
Citation 1

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event studies, corporate governance, empirical research in corporate law

8.

Event Studies and the Law: Part Ii - Empirical Studies Of Corporate Law

Number of pages: 39 Posted: 09 May 2001
Sanjai Bhagat and Roberta Romano
University of Colorado at Boulder - Department of Finance and Yale Law School
Downloads 2,104 (12,015)
Citation 29

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9.

Director Ownership, Corporate Performance, and Management Turnover

Number of pages: 61 Posted: 31 Dec 1998
Sanjai Bhagat, Dennis C. Carey and Charles M. Elson
University of Colorado at Boulder - Department of Finance, Spencer Stuart and University of Delaware - John L. Weinberg Center for Corporate Governance
Downloads 2,033 (12,686)
Citation 42

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10.

A Text-Based Analysis of Corporate Innovation

Number of pages: 85 Posted: 01 Jul 2016 Last Revised: 09 Jun 2019
Gustaf Bellstam, Sanjai Bhagat and J. Anthony Cookson
University of Colorado at Boulder - Leeds School of Business, University of Colorado at Boulder - Department of Finance and University of Colorado at Boulder - Leeds School of Business
Downloads 1,924 (13,863)
Citation 18

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Innovation, Text Analysis, Analyst Reports, Patenting

11.

Relational Investing and Firm Performance

Number of pages: 51 Posted: 02 Jun 2003
Sanjai Bhagat, Bernard S. Black and Margaret M. Blair
University of Colorado at Boulder - Department of Finance, Northwestern University - Pritzker School of Law and Vanderbilt University - Law School
Downloads 1,506 (20,175)
Citation 3

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12.

Independent Directors

THE NEW PALGRAVE DICTIONARY OF ECONOMICS AND THE LAW, Peter Newman, ed., Vol. 2, pp. 283-287, 1998
Number of pages: 10 Posted: 06 Aug 2008
Sanjai Bhagat and Bernard S. Black
University of Colorado at Boulder - Department of Finance and Northwestern University - Pritzker School of Law
Downloads 1,394 (22,700)

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boards of directors, independent directors

13.

Reforming Executive Compensation: Simplicity, Transparency and Committing to the Long-Term

Yale Law & Economics Research Paper No. 393
Number of pages: 32 Posted: 16 Nov 2009 Last Revised: 16 Dec 2009
Sanjai Bhagat and Roberta Romano
University of Colorado at Boulder - Department of Finance and Yale Law School
Downloads 1,340 (24,059)
Citation 23

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executive compensation, restricted stock, financial institution regulation, emergency economic stablization act

14.

Reforming Executive Compensation: Focusing and Committing to the Long-Term

Yale Law & Economics Research Paper No. 374
Number of pages: 11 Posted: 04 Feb 2009 Last Revised: 20 Nov 2009
Sanjai Bhagat and Roberta Romano
University of Colorado at Boulder - Department of Finance and Yale Law School
Downloads 1,092 (32,443)
Citation 1

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executive compensation, restricted stock, financial institution regulation, emergency economic stabilization act

15.

Director Ownership, Governance and Performance

Number of pages: 86 Posted: 17 Mar 2010 Last Revised: 17 Apr 2012
Sanjai Bhagat and Brian J. Bolton
University of Colorado at Boulder - Department of Finance and University of Louisiana at Lafayette
Downloads 1,032 (35,150)
Citation 10

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Corporate governance, Sarbanes-Oxley

16.

Bank Executive Compensation and Capital Requirements Reform

Number of pages: 81 Posted: 09 Mar 2011 Last Revised: 22 May 2013
Sanjai Bhagat and Brian J. Bolton
University of Colorado at Boulder - Department of Finance and University of Louisiana at Lafayette
Downloads 1,011 (36,206)
Citation 10

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Executive Compensation, Bank Capital, Bank Capital Reform

17.

IPO Valuation in the New and Old Economies

Number of pages: 55 Posted: 14 Dec 2003
Sanjai Bhagat and Srinivasan Rangan
University of Colorado at Boulder - Department of Finance and Indian Institute of Management (IIMB), Bangalore
Downloads 946 (39,785)
Citation 3

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Initial public offerings, equity valuation, accounting data, insider ownership, new economy

18.

Should the Modern Corporation Maximize Shareholder Value?

Sanjai Bhagat and R. Glenn Hubbard, "Should the modern corporation maximize shareholder value?" AEI Economic Perspectives, September 2020, https://www.aei.org/research-products/report/should-the-modern-corporation-maximize-shareholder-value/
Number of pages: 14 Posted: 13 Mar 2020 Last Revised: 22 Sep 2020
Sanjai Bhagat and R. Glenn Hubbard
University of Colorado at Boulder - Department of Finance and Columbia University - Columbia Business School, Finance
Downloads 908 (42,122)
Citation 2

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ESG, CSR, Stakeholder, stakeholders, corporate social responsibility, corporate governance, shareholder value maximization

19.

Do Tender Offers Create Value? New Methods and Evidence

Dice Center Working Paper No. 2004-4
Number of pages: 64 Posted: 18 May 2004
Sanjai Bhagat, Ming Dong, David A. Hirshleifer and Robert B. Noah
University of Colorado at Boulder - Department of Finance, York University - Schulich School of Business, Marshall School of Business, USC and Cambridge Finance Partners, LLC
Downloads 730 (56,565)
Citation 49

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Tender offers, value improvements, truncation dilemma, revelation bias, agency

20.

The Impact of Fundamentals on IPO Valuation

Number of pages: 48 Posted: 11 Sep 2007
Rajesh K. Aggarwal, Sanjai Bhagat and Srinivasan Rangan
Northeastern University, University of Colorado at Boulder - Department of Finance and Indian Institute of Management (IIMB), Bangalore
Downloads 698 (60,038)
Citation 8

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Initial public offerings, equity valuation, insider ownership, investment banker prestige, new economy

21.

Sarbanes-Oxley, Governance and Performance

Number of pages: 51 Posted: 18 Mar 2009
Sanjai Bhagat and Brian J. Bolton
University of Colorado at Boulder - Department of Finance and University of Louisiana at Lafayette
Downloads 689 (61,206)
Citation 14

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Board independence, corporate governance, corporate performance

22.

Size, Leverage, and Risk-Taking of Financial Institutions

Journal of Banking and Finance, Vol. 59, 2015
Number of pages: 56 Posted: 02 Aug 2012 Last Revised: 24 Apr 2018
Sanjai Bhagat, Brian J. Bolton and Jun Lu
University of Colorado at Boulder - Department of Finance, University of Louisiana at Lafayette and Central University of Finance and Economics (CUFE)
Downloads 659 (64,704)
Citation 12

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Bank governance, Bank size, Bank capital requirement, Corporate governance

23.

Employment, Corporate Investment and Cash Flow Uncertainty

Number of pages: 46 Posted: 08 Sep 2011 Last Revised: 02 May 2013
Sanjai Bhagat and Iulian Obreja
University of Colorado at Boulder - Department of Finance and SEC
Downloads 654 (65,322)
Citation 5

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corporate investment, uncertainty, intangible capital, employment

24.

Manager Characteristics and Capital Structure: Theory and Evidence

Journal of Financial and Quantitative Analysis (JFQA), December 2011
Number of pages: 73 Posted: 19 Mar 2009 Last Revised: 25 May 2011
Sanjai Bhagat, Brian J. Bolton and Ajay Subramanian
University of Colorado at Boulder - Department of Finance, University of Louisiana at Lafayette and Georgia State University
Downloads 648 (66,121)
Citation 2

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Manager Ability, Risk Aversion, Manager Ownership, Capital Structure

25.

The Use of Escrow Contracts in Acquisition Agreements

Number of pages: 49 Posted: 29 May 2013 Last Revised: 07 Sep 2016
Sanjai Bhagat, Sandy Klasa and Lubomir P. Litov
University of Colorado at Boulder - Department of Finance, University of Arizona - Department of Finance and University of Oklahoma - Michael F. Price College of Business
Downloads 598 (73,190)
Citation 2

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mergers and acquisitions, escrow contracts, financial contracting

26.

The SEC's Misguided Climate Disclosure Rule Proposal

GWU Legal Studies Research Paper No. 61, 2022, GWU Law School Public Law Research Paper No. 61, 2022, Virginia Law and Economics Research Paper No. 2022-27, 41 Banking & Financial Services Policy Report 1, 2022, Northwestern Law & Econ Research Paper No. 22-17, Stanford University Graduate School of Business Research Paper No. 4256724
Number of pages: 14 Posted: 27 Oct 2022 Last Revised: 05 Jan 2023
Lawrence A. Cunningham, Stephen M. Bainbridge, Jonathan Berk, Sanjai Bhagat, Bernard S. Black, William J. Carney, David J. Denis, Diane K. Denis, Charles M. Elson, Jesse M. Fried, Sean J. Griffith, Jonathan M. Karpoff, F. Scott Kieff, Edmund W. Kitch, Kate Litvak, Julia D. Mahoney, Paul G. Mahoney, Adam C. Pritchard, Dale A. Oesterle, Roberta Romano, Christina Parajon Skinner and Todd J. Zywicki
George Washington University, University of California, Los Angeles (UCLA) - School of Law, Stanford Graduate School of Business, University of Colorado at Boulder - Department of Finance, Northwestern University - Pritzker School of Law, Emory University School of Law, University of Pittsburgh, University of Pittsburgh - Katz School of Business, University of Delaware - John L. Weinberg Center for Corporate Governance, Harvard Law School, Fordham University School of Law, University of Washington - Michael G. Foster School of Business, George Washington University - Law School, University of Virginia School of Law, Northwestern University - Pritzker School of Law, University of Virginia School of Law, University of Virginia School of Law, University of Michigan Law School, Ohio State University (OSU) - Michael E. Moritz College of Law, Yale Law School, University of Pennsylvania - The Wharton School and George Mason University - Antonin Scalia Law School, Faculty
Downloads 513 (88,613)

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SEC authority, climate disclosure, ESG, institutional investors, individual investors, information economics, government policy, financial markets, government power

27.

Corporate Governance and Firm Performance: The Sequel

Journal of Corporate Finance, Forthcoming
Number of pages: 52 Posted: 06 May 2019
Sanjai Bhagat and Brian J. Bolton
University of Colorado at Boulder - Department of Finance and University of Louisiana at Lafayette
Downloads 423 (111,543)
Citation 44

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corporate governance, firm performance, bank capital, bank governance, executive compensation, director compensation, bank risk

28.

Getting Incentives Right: Is Deferred Bank Executive Compensation Sufficient?

European Corporate Governance Institute (ECGI) - Law Working Paper No. 241/2014, Yale Law & Economics Research Paper No. 489
Number of pages: 70 Posted: 15 Feb 2014 Last Revised: 04 Mar 2014
Sanjai Bhagat, Brian J. Bolton and Roberta Romano
University of Colorado at Boulder - Department of Finance, University of Louisiana at Lafayette and Yale Law School
Downloads 384 (124,662)
Citation 2

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executive compensation, restricted stock, financial institution regulation

29.

Investment Bankers’ Culture of Ownership?

Number of pages: 49 Posted: 25 Aug 2010
Sanjai Bhagat and Brian J. Bolton
University of Colorado at Boulder - Department of Finance and University of Louisiana at Lafayette
Downloads 374 (128,403)
Citation 1

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30.

Economic Growth, Income Inequality, and the Rule of Law

Harvard Business Law Review, 2020
Number of pages: 12 Posted: 30 Nov 2020
Sanjai Bhagat
University of Colorado at Boulder - Department of Finance
Downloads 246 (199,203)

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Income Inequality, Rule of Law, Economic Growth, GINI, GDP per Capita

31.

Misaligned Bank Executive Incentive Compensation

Number of pages: 72 Posted: 13 Jun 2013
Sanjai Bhagat and Brian J. Bolton
University of Colorado at Boulder - Department of Finance and University of Louisiana at Lafayette
Downloads 226 (216,205)
Citation 1

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corporate governance, executive compensation, insider trading, banks financial crisis

32.

Rule of Law, and Purpose of the Corporation

Bhagat, S, Hubbard, G. Rule of law and purpose of the corporation. Corporate Governance: An International Review, 2021; 1– 17. https://doi.org/10.1111/corg.12374, Law & Economics Center at George Mason University Scalia Law School Research Paper Series No. 22-039, Columbia Business School Research Paper
Number of pages: 53 Posted: 14 Jul 2021 Last Revised: 11 Apr 2023
Sanjai Bhagat and R. Glenn Hubbard
University of Colorado at Boulder - Department of Finance and Columbia University - Columbia Business School, Finance
Downloads 221 (220,852)

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ESG, CSR, corporate social responsibility, growth, income inequality, rule of law, stakeholder, shareholder value, environment, climate, directors

33.

IPO Valuation: The International Evidence

The Oxford Handbook of IPOs, Forthcoming
Number of pages: 51 Posted: 12 Feb 2019
Sanjai Bhagat, Jun Lu and Srinivasan Rangan
University of Colorado at Boulder - Department of Finance, Central University of Finance and Economics (CUFE) and Indian Institute of Management (IIMB), Bangalore
Downloads 198 (244,387)

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IPO valuation, IPOs, international IPOs, insider retention

34.

Emerging Country Cross-Border Acquisitions: Characteristics, Acquirer Returns and Cross-Sectional Determinants

Number of pages: 44 Posted: 22 Apr 2011
Sanjai Bhagat, Shavin Malhotra and Peng Cheng Zhu
University of Colorado at Boulder - Department of Finance, Carleton University - Eric Sprott School of Business and University of the Pacific - Eberhart School of Business
Downloads 188 (255,960)
Citation 7

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Cross border acquisitions, corporate governance, emerging market acquirers, acquirer returns, bidder returns

35.

Financial Crisis, Corporate Governance, and Bank Capital

Financial Crisis, Corporate Governance, and Bank Capital. Cambridge University Press (2017)
Number of pages: 16 Posted: 20 Jun 2017
Sanjai Bhagat
University of Colorado at Boulder - Department of Finance
Downloads 158 (297,494)

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CHOICE Act, Dodd-Frank, financial crisis, bank capital, bank governance, executive compensation, director compensation

36.

Executive Compensation, Director Compensation and Bank Capital Requirements Reform

Number of pages: 87 Posted: 28 May 2014
Sanjai Bhagat and Brian J. Bolton
University of Colorado at Boulder - Department of Finance and University of Louisiana at Lafayette
Downloads 148 (313,951)
Citation 1

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37.

Voluntary and Mandatory Skin in the Game: Understanding Outside Directors’ Stock Holdings

Number of pages: 32 Posted: 31 Mar 2011
Sanjai Bhagat and Heather Tookes
University of Colorado at Boulder - Department of Finance and Yale University - Yale School of Management
Downloads 121 (366,391)
Citation 2

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director stockholdings, equity ownership requirements, corporate governance, ownership and performance

38.

Employment, Corporate Investment and Cash Flow Risk

Alnahedh, S., Bhagat, S., & Obreja, I. (2019). Employment, Corporate Investment, and Cash-Flow Risk. Journal of Financial and Quantitative Analysis, 54(4), 1855-1898. doi:10.1017/S0022109019000437
Number of pages: 92 Posted: 06 Oct 2019
Saad Alnahedh, Sanjai Bhagat and Iulian Obreja
University of Colorado at Boulder - Department of Finance, University of Colorado at Boulder - Department of Finance and SEC
Downloads 89 (452,224)
Citation 5

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Cash Flow Uncertainty, Investment, Employment, Investment Opportunity

39.

Economic Policy Uncertainty and Economic Growth in India

IIM Bangalore Research Paper No. 407
Posted: 09 Apr 2013 Last Revised: 02 Oct 2017
Sanjai Bhagat, Pulak Ghosh and Srinivasan Rangan
University of Colorado at Boulder - Department of Finance, Indian Institute of Management (IIMB), Bangalore and Indian Institute of Management (IIMB), Bangalore

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economic policy uncertainty, India economic growth

40.

Event Studies and the Law: Part Ii: Empirical Studies of Corporate Law

Downloads 0 (981,969)

Event Studies and the Law: Part Ii: Empirical Studies of Corporate Law

American Law and Economics Review, Vol. 4, No. 2, pp. 380-423, 2002
Posted: 29 Feb 2008
Sanjai Bhagat and Roberta Romano
University of Colorado at Boulder - Department of Finance and Yale Law School

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Event Studies and the Law - Part Ii: Empirical Studies of Corporate Law

Posted: 25 Sep 2002
Sanjai Bhagat and Roberta Romano
University of Colorado at Boulder - Department of Finance and Yale Law School

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corporate law, corporate governance, event studies

41.

The Econometrics of Corporate Governance Studies

Sanjai Bhagat and Richard Jefferis, Jr., THE ECONOMETRICS OF CORPORATE GOVERNANCE STUDIES, MIT Press, 2002, Forthcoming
Posted: 21 May 2002
Sanjai Bhagat and Richard Jefferis
University of Colorado at Boulder - Department of Finance and Koch Industries, Inc.

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42.

Event Studies and the Law: Part I: Technique and Corporate Litigation

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Event Studies and the Law: Part I: Technique and Corporate Litigation

American Law and Economics Review, Vol. 4, No. 1, pp. 141-168, 2002
Posted: 29 Feb 2008
Sanjai Bhagat and Roberta Romano
University of Colorado at Boulder - Department of Finance and Yale Law School

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Event Studies and the Law - Part I: Technique and Corporate Litigation

Posted: 18 Feb 2002
Sanjai Bhagat and Roberta Romano
University of Colorado at Boulder - Department of Finance and Yale Law School

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43.

Information Asymmetry and Trading Volume

Posted: 13 Jul 1998
Sanjai Bhagat and Sanjiv Bhatia
University of Colorado at Boulder - Department of Finance and Association for Investment Management and Research

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44.

Trading Volume and Price Variability: Evidence on Lead-Lag Relations from Granger-Causality Tests

Posted: 05 Jul 1998
Sanjai Bhagat and Sanjiv Bhatia
University of Colorado at Boulder - Department of Finance and Association for Investment Management and Research

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45.

Share Price Drops and Shareholder Litigation

Posted: 26 Apr 1998
Sanjai Bhagat and James Beck
University of Colorado at Boulder - Department of Finance and affiliation not provided to SSRN

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46.

Do Takeovers Increase Value? An Intervention Approach

Posted: 11 Jul 1997
Sanjai Bhagat and David A. Hirshleifer
University of Colorado at Boulder - Department of Finance and Marshall School of Business, USC

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47.

The Shareholder Wealth Implications of Corporate Lawsuits

Posted: 24 Feb 1997
Sanjai Bhagat, John M. Bizjak and Jeffrey L. Coles
University of Colorado at Boulder - Department of Finance, Texas Christian University and University of Utah - Department of Finance

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48.

Market-Based Estimates of Value Gains from Takeovers: An Intervention Approach

Posted: 24 Feb 1997
Sanjai Bhagat and David A. Hirshleifer
University of Colorado at Boulder - Department of Finance and Marshall School of Business, USC

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