Do naughty corners work? Parents, please share some tips! TIA!

We don't have a naughty corner but have what is called a "Thinking Chair" -- it is for when my daughter is having a tantrum or has done something that is not acceptable she needs to go sit on that chair and "think" and then tell us what happened. By the way we all (my husband and I) also have to sit on that chair if we have done something that my daughter thinks is not fair. And it works! third year going :)