This paper conducts a systematic analysis of the effect of CEO tenure on risk-taking. We document an overall positive relation between tenure and risk-taking. The results are inconsistent with viewing tenure primarily as an indicator of human capital investment. Though we can not rule out the...

We study the relationship between governance changes and firm characteristics and the impact of governance changes on future firm performance using a sample of firms that make large positive and large negative changes in thirteen governance measures. We find that the governance changes are...

Purpose – The paper aims to study the effect of tenure on the structure of CEO compensation. The relation between CEO compensation and CEO tenure provides a good testing bed for many effects: the managerial power effect, the portfolio consideration effect, the learning effect, and the career...

This paper examines how various elements of CEOs' option portfolios create conflicting incentives on research and development investment decisions. Incentives from unexercised vested options are shown to have an increasing effect on R%D investment, whereas the effect of incentives from...