We show that cross-border LBO investments involving U.S. rather than non-U.S. private equity (PE) investors are more likely to have a successful exit (IPO or acquisition). Exogenous increases in effective proximity following the signing of “Open-Sky” agreements between the U.S. and target...

We model a corporate board evaluating a CEO of uncertain management ability. Each director receives a noisy private signal about CEO ability, after which directors discuss this ability and vote to retain or replace the CEO. Directors care about true CEO ability, since it affects their equity...

We analyze the relationship between top management team human capital (“management quality”) and long-run firm performance using panel data from BoardEx. We control for the potentially endogenous matching between firm and management quality using as instrument a plausibly exogenous shock to...