Using a sample of 3,688 mergers and acquisitions over the period of 1992 to 2005, we find that post-merger equity risk declines roughly 18% in the year after the announcement. We find that post-merger equity risk is negatively related to the sensitivity of CEO wealth to stock return volatility...

To improve our understanding of the succession process we utilize a sample of 832 successions to examine firm and predecessor characteristics that influence the board's choice of a successor's functional and educational background. We find that outgoing CEO and firm characteristics influence the...