Outside directors and CEO turnover

TL;DR: In this article, a linkage between firm performance and board composition by examining the committee structure of boards and the directors' roles within these committees was demonstrated, showing that firms significantly increasing inside director representation on these two committees experience significantly higher contemporaneous stock returns and return on investments than firms decreasing the percentage of inside directors on these committees.

TL;DR: The authors provide a framework for analyzing the three main decisions that shape the corporate information environment in a capital markets setting: (1) managers' voluntary reporting and disclosure decisions, (2) reporting and disclosures mandated by regulators, and (3) reporting decisions by third-party intermediaries.

TL;DR: In this paper, the authors studied the association between a firm's stock returns and subsequent top management changes and found that there is an inverse relation between the probability of a management change and the firm's share performance.

TL;DR: The authors examined the role of a chief executive officer's hubris in explaining the large size of some premiums paid for acquisitions, and found that four indicators of CEO hubris are highly associated with the size of premiums paid: the acquiring company's recent performance, recent media praise for the CEO, a measure of the CEO's self-importance, and a composite factor of these three variables.

TL;DR: The authors argue that the separation of decision and risk-bearing functions observed in large corporations is common to other organizations such as large professional partnerships, financial mutuals, and nonprofits. But they do not consider the role of decision agents in these organizations.

TL;DR: In this article, the authors explain how the separation of security ownership and control, typical of large corporations, can be an efficient form of economic organization, and set aside the presumption that a corporation has owners in any meaningful sense.

TL;DR: Algebra of Vectors and Matrices, Probability Theory, Tools and Techniques, and Continuous Probability Models.

TL;DR: This article investigated the relationship between management ownership and market valuation of the firm, as measured by Tobin's Q. In a 1980 cross-section of 371 Fortune 500 firms, they found evidence of a significant nonmonotonic relationship.