We develop a measurement-error framework for assessing the quality of relative-performance metrics designed to filter out the systematic component of performance, and analyze relative total shareholder return (rTSR)-the predominant metric market participants use to isolate managers'...

We exploit a unique feature of conference calls to study one type of interaction among executives — directly inviting colleagues to respond to analysts’ questions. We find that the frequency of initiating interaction is positively associated with an executive’s ability, but not associated...

As independent directors have formed an integral part of the Chinese corporate governance model for more than a decade, it is now timely and important to examine their performance of their monitoring functions. As a result of studying the administrative sanctions imposed by the CSRC on...

We examine whether greater board diversity is associated with more diverse workforce hiring, more equitable pay practices, and more inclusive corporate cultures. Using a variety of quasi-experimental designs, we document increases in managerial and staff diversity in the years following a...

We study whether and how new CEOs reshape their organizations by increasing the firm’s “organizational capital.” We develop and externally validate a novel measure of organizational capital using a word-embedding model. We decompose organizational capital into four dimensions (i.e.,...