We study the managerial labor market's ability to discriminate between good and bad managerial performance. Using a sample of failed and non-failed Texas banks (matched by geographic location and size), we find that the context of job loss affects the manager's ability to regain comparable...

We examine the labor market consequences borne by executives who remain at financially distressed firms relative to those who flee to another employer to avoid the stigma of failure. Our study makes two contributions. First, we document an ex ante dimension of executive labor markets unaccounted...

Seven key announcements made during the prolonged debate on the Financial Accounting Standards Board's (FASB) proposal to recognize the effect of all stock-based compensation on earnings are studied. Using several samples of firms involved in the debate, evidence that investors expected no net...

We employ a natural experiment from the 1980s, predating the ubiquitous clamor for independence influenced corporate governance structures, to examine which governance mechanisms are associated with firm survival and failure. We find that thrifts were more likely to survive the thrift crisis...