Guthrie's research on executive pay cited in Harvard blog

Prof. Katherine Guthrie's research -- which was cited in Harvard Law School Forum on Corporate Governance -- casts doubt on the effectiveness of independent directors in constraining CEO pay. 

Guthrie, along with Jan Sokolowsky of the University of Michigan, and Kam-Ming Wan of the School of Economics and Finance at the University of Hong Kong in the paper, CEO Compensation and Board Structure Revisited, reexamined the results of Chhaochharia and Grinstein.