This study investigates how capital market investors assess CEO succession planning in the context of CEO turnover events. Conducting empirical tests using a manually collected sample of 676 CEO turnover cases, we find that CEO succession planning mitigates the negative association between CEO...

This study investigates how capital market investors assess CEO succession planning in the context of CEO turnover events. Conducting empirical tests using a manually collected sample of 676 CEO turnover cases, we find that CEO succession planning mitigates the negative association between CEO...

We test predictions that managers issuing voluntary capex guidance learn from analyst feedbackand that this learning enhances investment efficiency and firm performance (Langberg andSivaramakrishnan, 2010). Our findings are consistent with these predictions. First, we find thatmanagers' capex...

We study the implications of a recent governance practice promoted by proxy advisors, namely an anti-pledging policy, which limits managers' ability to unwind their equity-based compensation. Using a sample of S&P 1500 firms, we find that CEOs' pay-for-performance sensitivity (i.e., delta) and...