Japan has enacted many changes to its corporate laws over the past decade, with perhaps none more contentious than the adoption of true outside directors and empowered committees in the boardroom.

Is there a discernible difference in the performance or valuation of firms based on their adoption or non-adoption of the committee system? Is the Japanese system functionally converging toward the western system because of the convergence in corporate law? This seminar will present the results of an empirical study that indicates a significant increase of corporate value for companies that adopted the committee system.