Larcker, David F.; So, Eric C.; Wang, Charles C.Y. - In: Journal of Accounting and Economics 55 (2013) 2, pp. 225-250
Firms with central boards of directors earn superior risk-adjusted stock returns. A long (short) position in the most (least) central firms earns average annual returns of 4.68%. Firms with central boards also experience higher future return-on-assets growth and more positive analyst forecast...
