Damodaran on Valuation_ Security Analysis for Investment and Corporate Finance ( PDFDrive )

(Hop HipldF0AV) #1

AccountingandEconomics 16 (1993):273-316;S.Pufferand
J.B.Weintrop, CorporatePerformance andCEOTurnover:
The Role of Performance Expectations,” Administrative
Science Quarterly36 (1991): 1–19.


30 K.LehnandM.Zhao,“CEOTurnoverafterAcquisitions:
DoBadBidders GetFired?,” workingpaper,Universityof
Pittsburgh, 2004.


31 O.Faleye,“AreLargeBoardsPoorMonitors?Evidence
fromCEOTurnover,”WorkingPaper,SSRN,2003.Usinga
proportional hazard model, he finds that every additional
directorontheboardreducestheprobabilityofaforcedCEO
change by 13 percent.


32 M. Weisbach, “Outside Directorsand CEO Turnover,”
Journal of Financial Economics20 (1988): 431–460.


33 V.K.GoyalandC.W.Park,“BoardLeadershipStructure
andCEOTurnover,”JournalofCorporateFinance 8 (2001):
49–66.


34 D.J.Dennis, D.K.Dennis, andA. Sarin, “Ownership
StructureandTopExecutiveTurnover,”JournalofFinancial
Economics45 (1997): 193–221.


35 D.Hillier, S.Linn,andP.McColgan,“EquityIssuance,
Corporate Governance Reform and CEO Turnover in the
UK,”workingpaper,SSRN,2003.TheyfindthatCEOsare
morelikelytobeforcedoutjustbeforenewequityissuesor
placings.

Free download pdf