Canil, Jean; Karpavicius, Sigitas; Yu, Chia-Feng (Jeffrey) - 2022
We examine how CEO mobility affects corporate payouts. We exploit U.S. state courts' staggered adoption of the Inevitable Disclosure Doctrine (IDD) to obtain exogenous variation in mobility. We report several findings. First, we find that firms in IDD-adopting states increase dividend payouts,...