We study the impact of toxic emissions on the migration of corporate executives. We link data on the opening of industrial plants emitting toxic air pollutants with information on the career paths of executives at all S&P 1500 firms over the 1996-2014 period. We find that (1) the opening of...

We examine the role of delegation in predicting CEO successions. Using a novel proxy for delegation in mergers and acquisitions, we find that overall CEO turnover rates are about one third higher following deals where the CEO delegates to a senior manager versus deals with no observable...

This study investigates a communication game between a CEO and a board of directors where the CEO's career concerns can potentially impede value-increasing informative communication. By adopting a policy of aggressive boards (excessive replacement), shareholders can facilitate communication...

Boards staffed by directors who have experienced high stock returns at other firms where they hold directorships are more likely to fire their CEOs. A one-standard-deviation increase in such directorship returns increases the probability of forced turnover by 11-19%. Directorship returns have a...

The objective of the study is to contemplate the effectiveness of hierarchical CEO succession and hierarchical CEO succession intensity on SOEs & Non-SOEs performance separately. Meanwhile, the impact of hierarchical CEO succession on cash holdings has also been analysed. The authenticated data...

This paper presents a new model of CEO turnover that includes outside employment and retirement options. The board and the CEO use firm performance to update their beliefs about the CEO's ability. If the CEO's perceived ability falls below an endogenously determined threshold, the board fires...