We study the long-term stock performance of initial public offerings (IPOs). We examine how past performance affects the board of directors' stability and how changes in boards affect subsequent performance. We introduce a dynamic, scale invariant stability metric to measure such changes. Our...

We study the long-term stock performance of initial public offerings (IPOs). We examine how past performance affects the board of directors’ stability and how changes in boards affect subsequent performance. We introduce a dynamic, scale invariant stability metric to measure such changes. Our...

The managerial pay-performance nexus is more accurately described by defining compensation as a discounted annuity occurring over the life of a contract. A unique NCAA football setting enables us to observe a coach's entire professional history, as well as all contract compensation components....