We study the relation between the educational background of chief executive officers (CEOs) and firm performance for firms traded on Borsa Istanbul (BIST) between 2009-2015. We focus on manufacturing firms and analyze two different measures of performance, namely operating performance and...

We find that over 20% of CEOs appointed at S&P 1500 firms from 1992 to 2010 came from 36 CEO factories. CEOs originated from CEO factories, factory CEOs, have significantly higher cumulative abnormal returns at the appointment announcement than do non-factory CEOs. We show that CEO factories...

We examine M&A transactions between firms with current board connections and find that acquirers obtain higher announcement returns in transactions with a first-degree connection where the acquirer and the target share a common director. Acquirer returns are also higher in transactions with a...

Authors' description of their article: Whereas the gains to target shareholders are usually large in tender offers, managers of takeover targets can have incentives to defeat such offers. We examine whether the presence of independent outside directors on boards of tender offer targets help to...