Limbach, Peter; Schmid, Markus M.; Scholz-Daneshgari, Meik - 2016 - This draft: December 13, 2016
We examine how CEOs' impact on firm value varies over time. We document a hump-shaped relation between CEO tenure and firm value which is subject to meaningful variation depending on industry dynamics, the business cycle, and CEOs' adaptability to changes. Semi-parametric estimations, stock...