SHAREHOLDER WEALTH EFFECTS OF MANAGEMENT CHANGES
分析十二年间高级管理层变更公告对股价的影响，发现管理层更替的不稳定性会损害公司绩效，且市场更偏好管理层团队变动而非固守现状。
This paper analyzes the direction and magnitude of changes in stock prices resulting from the announcement of various types of changes in senior corporate management over a twelve‐year period. We find support for the view that instability resulting from executive succession adversely affects organizational performance. Furthermore, our results imply a clear preference by the market for a change in composition of the previous management team over its further entrenchment and a perception by the market that senior corporate executives and the board of directors may not be solely motivated by considerations of shareholder wealth maximization.