Many companies in Germany must provide information beyond financial figures in their annual reports. For some years now, legislators have increasingly required information on non-financial aspects, such as the shares of women in leadership positions. Using a quantitative text analysis of annual...

Our study is the first to provide systematic evidence of a hump-shaped CEO tenure-firm value relation. This pattern is supported by announcement returns to sudden CEO deaths, which mitigate endogeneity concerns. Cross-sectionally, firm value starts to decline after fewer years of CEO tenure in...