We find that CEO turnover is significantly higher and considerably less sensitive to performance in firms with short investor horizons. Decisions to dismiss a CEO lead to worse operating performance, which is even poorer when investors have short horizons. Further, new managers respond to...

We examine activist short sellers’ real impacts on their target firms using a novel dataset of new product introductions (NPIs). We document that target firms experience declines in NPIs relative to their matched control firms after being targeted. Target firms also experience reductions in...

Firms with female CEOs receive more shareholder proposals, especially lower-quality proposals, than firms with male CEOs. Institutional investors are more likely to sponsor environmental/social proposals that are ultimately withdrawn after private negotiations, while individual investors sponsor...

We examine how real investment decisions of younger and older Chief Executive Officers (CEOs) are affected by their career concerns. Relative to their older counterparts, younger CEOs are more likely to enter new lines of business and exit from existing ones. They prefer growth through...

Economic theories suggest that a firm's corporate culture matters for its policy choices. We construct a parent-spinoff firm panel dataset that allows us to identify culture effects in firm policies from behavior that is inherited by a spinoff firm from its parent after the firms split up. We...