Leadership structure: Separating the CEO and Chairman of the Board
探讨分离CEO与董事会主席职位的利弊，发现对多数大公司而言，分离的成本大于收益，挑战了主流观点。
Shareholder activists and regulators are pressuring U.S. firms to separate the titles of CEO and Chairman of the Board. They argue that separating the titles will reduce agency costs in corporations and improve performance. The existing empirical evidence appears to support this view. We argue that this separation has potential costs, as well as potential benefits. In contrast to most of the previous empirical work, our evidence suggests that the costs of separation are larger than the benefits for most large firms.