We examine the director labor market to better understand which director attributes are important for board service. We find that general skills and director connections are valued in the market for directors in that both increase the likelihood of individuals gaining a board seat. Among...

Many executives have compensation that is potentially forfeit conditioned on the circumstances surrounding their departure from the firm. We study firms' endogenous decisions to use such compensation "holdbacks" as a bonding device and find that firms with higher executive replacement costs,...