Powerful Independent Directors and their Influence by Professor Randall Morck
The new science of Big Data uses supercomputers to analyse millions of data points and perform calculations of unprecedented complexity. This new science opens new ways of quantifying corporate governance. It helps distinguish corporate governance for the sake of shareholders, from corporate governance for the sake of show. It supports the understanding that power and influence of independent directors is as important as their independence for the benefit of shareholders.
Randall Morck holds the Stephen A. Jarislowsky Distinguished Chair in Finance at the University of Alberta's Alberta School of Business. He is a Research Associate with the National Bureau of Economic Research in Cambridge, Massachusetts and a Research Fellow with the Bank of Canada. He graduated summa cum laude from Yale in 1979, and earned a PhD from Harvard in 1986. He returns to both periodically as a visiting professor; most recently to fill Yale's Schoen Visiting Professorship in 2009 and Harvard's Mackenzie-King Visiting Professorship in 2005.
Professor Morck has published over 80 papers on corporate governance, corporate ownership, and corporate finance in leading academic publications including American Economic Review, Journal of Finance and Journal of Financial Economics. His research includes some of the first systematic investigations of corporate governance, and is cited more than 20,000 times in other works.
Professor Morck has served as a consultant to the Canadian and U.S. governments, the World Bank, and the International Monetary Fund on corporate governance and other economic issues. He is a frequent speaker at academic, business, and government seminars and conferences in Canada and abroad. In 2006 he was granted the prestigious title of University Professor at the University of Alberta.
He is a regular visitor at NUS Business School, where he holds the James Riady Visiting Professorship in Finance. He was also appointed as the Monetary Authority of Singapore (MAS) Term Professor in Economics and Finance from 10 to 21 December 2012.