Does Board Size Matter?
This paper uses legal board size requirements to test whether board size affects firm performance and value. Since 1976, the minimum size of German...
CEO Compensation: Evidence From the Field
We survey directors and investors on the objectives, constraints, and determinants of CEO pay. 67% of directors would sacrifice shareholder value to...
Shareholder Liability and Bank Failure
Does enhanced shareholder liability reduce bank failure? We compare the performance of around 4,200 state-regulated banks of similar size in...
The Market for CEOs
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...
Research highlight
Performance-Induced CEO Turnover
The Review of Financial Studies, 34 (2), 569-617
Performance-induced CEO turnover
This paper revisits the relationship between firm performance and CEO turnover. We drop the distinction between forced and voluntary turnovers and...
Executive Compensation: A Survey of Theory and Evidence
This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top...