We analyze the valuation effect of board industry experience and channels through which industry experience of outside directors affects firm value. We find that firms with more experienced outside directors are valued at a premium compared to firms with less experienced outside directors. We...

The authors discuss research by Nihat Aktas and others concerning why chief executive officers (CEO) create less value with successive acquisitions. Although observers may think that CEO hubris or overconfidence is to blame, the study by Aktas suggests that CEOs are able to correctly assess...