Center News, Homepage News, Media Coverage
Lawrence A. Cunningham
Markel Group, Constellation Software Inc.
Larry Cunningham – Presiding Director of the University of Delaware’s John L. Weinberg Center for Corporate Governance.
Lawrence A. Cunningham serves on the boards of Markel Group, where he chairs the nom/gov committee, and Constellation Software Inc., where he is vice chairman and a member of the human resources and compensation committee.
A noted expert in corporate governance and shareholder engagement, he is director of the John L. Weinberg Center for Corporate Governance at the University of Delaware and professor emeritus at George Washington University. He collaborated with Warren Buffett to produce the classic international bestseller, The Essays of Warren Buffett, and has published extensively on governance, finance and leadership.
He brings decades of experience advising boards and investors, including as counsel to major law firms and institutional shareholders. Cunningham is a member of the Society for Corporate Governance and the Economic Club of New York.
Visit Directors&Boards Article
Center News, Homepage News
As part of the Center’s 25th anniversary celebrations, we are proud to share the first half of John L. Weinberg’s 1948 Princeton thesis on corporate directorship—available now on SSRN.
The thesis, long stored in university archives, explores the responsibilities and dynamics of corporate boards in an era that presaged modern governance debates. It is a featured element of our forthcoming book, Boardroom Legacy, and offers enduring insight into the philosophy and values that defined both John and his father, Sidney J. Weinberg, and which continue to animate corporate governance today.
READ THE THESIS.
Center News, Research
The Weinberg Center congratulates He Gao, Assistant Professor, Business Administration, on her latest publication in the Journal of Business Venturing Insights.
Her research and latest paper sheds light on how imagery-rich language in IPO prospectuses influences investor perception—and what that means for firm performance.
For new ventures, an IPO is a defining moment. To attract investors, firms often craft their messaging to appear as positive and persuasive as possible. But does this stylistic language reflect true potential—or just temporary hype?
Prof. Gao’s study examines the effects of linguistic strategies in IPO filings on both:
Key Findings:
-
Imagery language generates greater investor enthusiasm, leading to higher IPO underpricing
-
However, it correlates with lower post-IPO growth, suggesting that early excitement may not signal lasting success
The study highlights the importance of critically evaluating rhetoric vs. reality in IPO materials—and offers new insights into how language shapes investment outcomes.
About Gao
Prof. Gao holds a Ph.D. in Strategic Management from Arizona State University. Her research focuses on competitive dynamics, strategic leadership, and the use of language by top executives to influence key stakeholders and rivals.
Her work has been published in leading journals, including:
-
Academy of Management Review
-
Journal of Management
-
Journal of Applied Psychology
-
Academy of Management Best Paper Proceedings
Before joining the University of Delaware, she served on the faculty at Michigan State University.
Center News, Homepage News
Warren Buffett Begins Succession Process at Berkshire
On Saturday, May 3, 2025, Lawrence Cunningham, Director of the Weinberg Center, was in Omaha to witness Warren Buffett’s historic announcement of his retirement as CEO of Berkshire Hathaway.
Within two hours of the announcement, major media outlets including Morningstar and MarketWatch published in-depth coverage—featuring insights from Cunningham, whose commentary can be found in this thoughtful piece.
Cunningham, a longtime Buffett collaborator and author of numerous works on Berkshire—beginning in 1995 with The Essays of Warren Buffett—was prominently quoted across the media landscape. A curated sampling of this coverage is available on the WCCG website Media Coverage tab, along with a clip from his interview on CNN.
Center News, Homepage News
Bridging Board Gaps—Then and Now
In 2011, Bridging Board Gaps, a landmark study from Columbia Business School and the University of Delaware’s Weinberg Center for Corporate Governance, examined the difference between ideal and actual corporate board practices. Nearly 15 years later, where do things stand?
Some gaps have closed—boards today benefit from improved information flow, increased engagement with outside advisors, and more robust self-renewal practices. But critical challenges remain, including aligning boards with long-term shareholder value, fostering a culture of ethical engagement, and ensuring constructive debate.
Weinberg Center Director Lawrence Cunningham explores these shifts in the latest edition of NACD Directorship, revisiting the original study and outlining what today’s directors—both seated and aspiring—can do to drive more effective corporate governance.
📖 Read more here [DM us for a pdf version.]
