The Stock Market Effects of CEO Succession in Bankrupt Firms
研究了大企业在破产过程中CEO继任对股东财富的影响，发现破产前后继任公告均带来正异常回报，且外部继任更受市场欢迎。
This article examines the effects of CEO successions on stockholder wealth in large firms that are also experiencing bankruptcy. Succession announcements that occurred prior to and subsequent to bankruptcy announcements are associated with positive abnormal returns, and we found a greater incidence of outside succession near bankruptcy than for successions in general. The market’s reaction was also more positive for outsiders than for insiders, and this was especially so when the succession happened after bankruptcy.