Limbach, Peter; Schmid, Markus M.; Scholz, Meik - 2015 - This draft: July 3, 2015
Our study is the first to provide systematic evidence of a hump-shaped CEO tenure-firm value relation. This pattern is … supported by announcement returns to sudden CEO deaths, which mitigate endogeneity concerns. Cross-sectionally, firm value …. Return on assets appears to increase for several years past the firm value turning point, whereas accrual quality declines …