We examine the relation between institutional investors and management discipline over the last several decades to better understand how CEO turnover has increased. Using a sample of forced and voluntary turnovers, we investigate the changing roles of activism and exit among institutional...

We examine CEO partisanship and the speed of adjustment to target leverage ratios. Republicans, who prior literature views as risk-averse, are expected to move more aggressively to their targets when over-levered and more slowly when under-levered. However, Republicans’ dislike of taxes...