NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Internal Governance of Firms

Viral V. Acharya, Stewart C. Myers, Raghuram Rajan

NBER Working Paper No. 15568
Issued in December 2009

---- Acknowledgements -----

We thank Ashwini Agrawal, Franklin Allen, Effi Benmelech, Douglas Diamond, Alex Edmans, Milton Harris, Roni Kisin, Mark Rubinstein, Amit Seru, Jeremy Stein (discussant), Raghu Sundaram, Rob Vishny, Michael Weisbach (discussant), Luigi Zingales and seminar participants at Canadian Corporate Governance Institute, UC Berkeley, Chicago Booth, Harvard, Michigan State, MIT, NBER Corporate Finance Workshop (Fall 2008), NYU Financial Economics Workshop, NYU-Stern, Federal Reserve Bank of Philadelphia, Tuck and the Western Finance Association (WFA 2009) for helpful conversations and comments. Rajan acknowledges support from the Center for Research on Securities Prices at the University of Chicago and the Initiative on Global Markets. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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