Nguyen, Bang Dang; Nielsen, Kasper Meisner - In: Journal of Financial Economics 98 (2010) 3, pp. 550-567
We investigate contributions of independent directors to shareholder value by examining stock price reactions to sudden deaths in the US from 1994 to 2007. We find, first, that following director death stock prices drop by 0.85% on average. Second, the degree of independence and board structure...