This study finds a positive, economically meaningful impact of generalist chief executive officers (CEOs) on shareholder value using 164 sudden deaths and 345 non-sudden exogenous turnovers. The higher a departing CEO's general ability index (GAI), independently and relative to her successor,...

Our study examines whether share repurchases lead to reductions in real investments. Repurchase opponents argue that managers forego value-enhancing investments to conduct opportunistic repurchases, while proponents argue that repurchases return excess cash to shareholders who then reinvest it...

Our study examines the impact of the Inflation Reduction Act (IRA) on shareholder wealth and corporate agency costs. The IRA, signed into law on August 16, 2022, represents the first time in U.S. history that stock repurchases became subject to excise taxes. The stated goal of this new tax was...

We examine whether retail consumers change their shopping behavior in response to firm-specific negative environmental, social, and governance (ESG) news. Using consumer foot traffic data, we provide evidence that negative ESG news affects consumer foot traffic negatively in U.S. counties where...

This study documents a positive, economically meaningful impact of executives’ general managerial skills on shareholder value. Examining 171 sudden executive deaths over thirty years, we find that a one-standard-deviation increase in the general ability index corresponds to at least a 1.5...

This study documents a positive, economically meaningful impact of executives' general managerial skills on shareholder value. Examining 171 sudden executive deaths over thirty years, we find that a one-standard-deviation increase in the general ability index corresponds to at least a 1.5...