To improve our understanding of the succession process we utilize a sample of 832 successions to examine firm and predecessor characteristics that influence the board's choice of a successor's functional and educational background. We find that outgoing CEO and firm characteristics influence the...

We relate impression and earnings management to the field of ethnostatistics, the study of how statistics are produced and managed. By further linking impression management and agency theory, we show that earnings management may exacerbate agency problems. We hypothesize that earnings-increasing...

Using a sample of 3,688 mergers and acquisitions over the period of 1992 to 2005, we find that post-merger equity risk declines roughly 18% in the year after the announcement. We find that post-merger equity risk is negatively related to the sensitivity of CEO wealth to stock return volatility...

This study investigates the impact of Delaware law on the composition and size of the board of directors. Our empirical evidence reveals that Delaware firms have smaller and more independent boards than their non-Delaware counterparts. Given that we find no value-premium for firms that...

Prior research reports that financial performance of firms that hire interim CEO successors is worse following interim CEO appointments than those that hire permanent successors. We find that this underperformance occurs only following voluntary turnover interim appointments, which represent a...