This paper investigates the importance of role-specific performance measures and sociopolitical factors in the career paths of CFOs. We find that forced CFO turnover is associated with poor performance in functions over which they have more direct influence, including financial reporting,...

While executive compensation is often blamed for the excessive risk taking by banks, little is known about the operating performance incentives used in the finance industry both prior to and subsequent to the recent crisis. We provide a comprehensive analysis of incentive design -- the link of...

Using hundreds of significant anomalies as testing portfolios, this paper compares the performance of major empirical asset pricing models. The q-factor model and a closely related five-factor model are the two best performing models among a long array of models. The q-factor model outperforms...