This paper investigates under what circumstances boards of directors fire CEOs and whether this action leads to better firm performance. We use unique and detailed data, covering 473 companies in the transition region, on boards’ actions, expectations and beliefs about CEO ability. We find...

We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed ‘hard’ information about the...

We study how well-incentivized boards monitor CEOs and whether such monitoring improves performance. Using unique, detailed data on boards' information sets and decisions for a large sample of private-equity-backed firms, we find that gathering information helps boards learn about CEO ability....

We study how well-incentivized boards monitor CEOs and whether such monitoring improves performance. Using unique, detailed data on boards' information sets and decisions for a large sample of private-equitybacked firms, we find that gathering information helps boards learn about CEO ability....

We study how well-incentivized boards monitor CEOs and whether such monitoring improves performance. Using unique, detailed data on boards' information sets and decisions for a large sample of private-equity-backed firms, we find that gathering information helps boards learn about CEO ability....

This paper explores the impact of target CEOs' retirement preferences on takeovers. Using retirement age as proxy for CEOs' private merger costs, we find strong evidence that target CEOs' preferences affect merger activity. The likelihood of receiving a successful takeover bid is sharply higher...

This paper modeled the dynamic inter-relationships between average salary, bonus, and stock options granted to top executives of 700 U.S. firms using a merged ExecuComp and Compustat database. The effects of stock options granted and exercised on firms' share repurchases and research and...

This Article reports results of an empirical study that suggests that the current economic crisis has changed managerial behavior in the US in a way that may impede economic recovery. The study finds a strong, statistically significant and economically meaningful, positive correlation between...

This Article identifies a cost to public investors of tying executive pay to the future value of a firm's stock - even its long-term value. In particular, such an arrangement can incentivize executives to engage in share repurchases (when the current stock price is low) and equity issuances...

This Article identifies a cost to public investors of tying executive pay to the future value of a firm's stock - even its long-term value. In particular, such an arrangement can incentivize executives to engage in share repurchases (when the current stock price is low) and equity issuances...