We study the market for CEOs of large publicly-traded US firms, analyze new CEOs' prior connections to the hiring firm, and explore how hiring choices are determined. Firms are hiring from a surprisingly small pool of candidates. More than 80% of new CEOs are insiders, defined as current or...

Using 2,956 CEO turnovers from 1993 to 2009, I find that default probability is useful in understanding and predicting forced CEO turnovers for non-distressed firms, controlling for conventional performance measures, such as stock performance. The high predictive power is not explained by...

This paper examines the labor market for CEOs in the financial sector from 1988 to 2007, using a new hand-collected sample of 1,655 CEO successions. We document that there is a significant role of outside successions, as about one out of two successions involves an outside hire. In addition,...

This paper analyzes the relationship between CEO education, CEO turnover and firm performance. Our primary interest is on the role that CEO education plays in a firm's decision to replace its current CEO, the role that it plays in selecting a new CEO, and on whether CEO education significantly...

I study the influence of networks and connectedness on CEO labor market outcomes, including new CEO appointments, CEO termination, and CEO compensation. I distinguish between the pairwise specific CEO-board connectedness and the strength and structure of the CEO's overall connectedness. I find...

This paper presents a new model of CEO turnover that includes outside employment and retirement options. The board and the CEO use firm performance to update their beliefs about the CEO's ability. If the CEO's perceived ability falls below an endogenously determined threshold, the board fires...

I examine gender differences in CEO turnover-performance sensitivity to provide evidence for gendered performance evaluation in leadership positions from a new perspective. Using a large sample of Chinese listed companies from 2010 to 2019, I find that on average the turnover-performance...

We examine the role of delegation in predicting CEO successions. Using a novel proxy for delegation in mergers and acquisitions, we find that overall CEO turnover rates are about one third higher following deals where the CEO delegates to a senior manager versus deals with no observable...

Prior research reports that financial performance of firms that hire interim CEO successors is worse following interim CEO appointments than those that hire permanent successors. We find that this underperformance occurs only following voluntary turnover interim appointments, which represent a...