To gain insights about the quality of board's firing decisions, we investigate abnormal stock returns and operating performance around CEO-turnover announcements in a new hand- collected sample of 208 “clean” turnover events between January 1998 and June 2009. Unlike the majority of previous...

To gain insights about the quality of boards' firing decisions, we investigate abnormal stock returns and operating performance around CEO-turnover announcements in a new hand-collected sample of 208 "clean'' turnover events between January 1998 and June 2009. Unlike the majority of previous...

To gain insights about the quality of board's firing decisions, we investigate abnormal stock returns and operating performance around CEO-turnover announcements in a new hand-collected sample of 208 "clean" turnover events between January 1998 and June 2009. Unlike the majority of previous...

We study the influence of locally-rooted directors (LRDs)—board members with personal ties to a company’s geographic location—on firm performance. On the one hand, LRDs may provide valuable local know-how and access to local networks. On the other hand, as their appointments may go back to...

We propose an equity finance model with agency problems and investigate the relationship between dividend taxation and inefficient investments. Contrary to both the old and the new view of dividend taxation, a fall in the dividend tax rate is found to improve corporate governance by increasing...

We measure the impact of "say on pay" (SoP) - mandatory shareholder votes on top managementcompensation - on the market value of voting rights. By exploiting thestaggered introduction of SoP across 14 economies, we show that SoP does not automaticallyincrease the value of shareholder voting...

We conduct an empirical analysis of a hand-collected sample of 2,376 turnovers of soccer managers in the four major English leagues in the seasons from 1949/50 to 2007/08. While the relation between the probability of a manager being fired and long-term performance remained remarkably stable,...