Fee, C. Edward; Hadlock, Charles J.; Pierce, Joshua R. - In: Review of Financial Studies 26 (2013) 3, pp. 567-601
In a large panel of Compustat firms, we find that firm policy changes after exogenous CEO departures do not display abnormally high levels of variability, casting doubt on the presence of idiosyncratic-style effects in policy choices. After endogenous CEO departures, we do detect abnormally...