This study examines how costly forced turnover is for the CEO using income data from the official records at the Danish Tax Authorities. We find that ousted CEOs' personal income is 40% lower in the five years following forced turnovers. The decline is driven by labor market outcomes: Labor and...

We investigate whether managerial ownership enhances firm value by exploiting exogenous variation resulting from stock price reactions to blockholder deaths. We find, first, that the average stock price reaction to the sudden death of inside blockholders ranges from -5% for small ownership...

This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in corporate decision making and the consequences of these decisions on firm performance. We focus on the decision to appoint either a family or external chief executive officer (CEO). The paper...

To enforce insider trading laws, financial regulators require top executives in listed companies to make their own-company trades public. One implication of this regulatory focus is that executives below the top fly under the radar. We use register data from Norway to examine whether executives...