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1 1. Data from Steven Kaplan and Per Stromberg, “Financial Contracting Theory Meets the Real World: Evidence from Venture Capital Contracts,” Review of Economic Studies 70 (2003): 281–315. An interesting paper on the importance of independent directors is authored by Brian J. Broughman, “Independent Directors and Shared Board Control in Venture Finance” (July 18, 2011). Indiana Legal Studies Research Paper No. 1123840. Available at SSRN: http://ssrn.com/abstract=1123840 or doi:10.2139/ssrn.1123840.