We study the evolution of the board among firms experiencing a sudden negative performance shock and highlight the influence of the CEO in determining the changes. Over 40% of the original directors depart the board and boards become more independent in the three years following...

This paper examines the evolution of corporate boards following a large performance decline. Over 40% of the original directors depart the board during the three years following underperformance. Measures of initial CEO influence over the board such as CEO ownership are associated with smaller...

This study develops a structural model of the initial public offering (IPO) pricing process that enables the estimation of adjustment rates for public and private pricing information gathered during bookbuilding. The estimated upward adjustment rate of public information is only 21%,...