We examine the outside director selection process using unique data on appointments of academic directors. Overall, we find academic directors tend to be appointed by small- and mid-cap firms expanding their boards. However, we find important differences in both the factors influencing academic...

We construct a new index of CEO general managerial skill using the industry composition of the CEO compensation peer group and use it to examine the relation between CEO general skill and CEO pay. Our index has the advantage of capturing the board's perception of CEO general skill and is less...

We investigate an increasingly prevalent CEO succession strategy: recruiting CEOs from the board of directors (director-CEOs). Director-CEOs might be hired in a planned succession because they combine outsiders' new perspectives with insiders' firm-specific knowledge. Alternatively, directors...