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Prior CEO turnover literature characterizes the board's decision as a choice between retaining versus replacing the CEO. We focus instead on the CEO's decision rights and introduce a third option in which the incumbent CEO is removed but retained on the board for an extended period, which we...
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The design of CEO incentives is particularly important for firms in financial distress. We compare the resolution of CEO incentive problems in distressed firms between the 1980s versus the 1990s, focusing on how changes in contractual provisions, as well as in the executive labor market,...
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Starting in 1995, the Veterans Health Administration (VHA) transformed a bureaucratic healthcare system into a performance driven patient focused integrated health-care network. The VHA’s experience may offer lessons for private and public sector providers as the U.S. explores alternative...
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