Key Executive Succession and Stockholder Wealth: The Influence of Successorys Origin, Position, and Age
研究了1986年财富500强公司中367位关键高管任命公告的市场反应，发现市场总体有正面反应，且反应因继任者的来源、职位和年龄而异。
This study uses event time methodology to test the reaction of the stock market to announcements of the appointments of 367 key executive officers in a sample of 1986 Fortune 500 companies. We found significant, positive market reactions for the total top management sample. In addition, we found differences for successor's origin, position, and age at the time of appointment. The results highlight the importance of specifying the conditions under which succession will have its different effects.