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Journal of Financial Economics 108 (2013) 349–366 Contents lists available at SciVerse ScienceDirect Journal of Financial Economics journal homepage: /locate/jfec What do boards really do? Evidence from minutes of board meetings $ Miriam Schwartz-Ziv a,b,c,n, Michael S. Weisbach d,e,f a Northeastern University, College of Business Administration, Hayden 419E, 360 Huntington Avenue, Boston, MA 02115, USA b Harvard Kennedy School, Women and Public Policy Program, 79 John F. Kennedy Street, Cambridge, MA 02138, USA c Michigan State University, Eli Broad College of Business, Eppley Center, 645 N. Shaw Lane, East Lansing, MI 48824, USA d National Bureau of Economic Research, 1050 Massachusetts Avenue, Cambridge, MA 02138, USA e SIFR, The Institute for Financial Research, Drottninggatan 98, SE-111 60 Stockholm, Sweden f Ohio State University, Fisher College of Business, 740A Fisher Hall, 2100 Neil Avenue, Columbus, OH 43210, USA a r t i c l e i n f o a b s t r a c t Article history: We analyze a unique database from a sample of real-world boardrooms — minutes of Received 13 January 2012 board meetings and board-committee meetings of eleven business companies for which Received in revised form the Israeli government holds a substantial equity interest. We use these data to evaluate 5 March 2012 the underlying assumptions and predictions of models of boards of directors. These Accepted 6 April 2012 Available online 6 November 2012 models generally fall into two categories: