The Effect of CEO Succession on Stockholder Wealth in Large Firms Following the Death of the Predecessor
研究了1966至1982年间大公司前任CEO去世后CEO继任对股价的影响，发现内部继任有正面市场反应，外部继任则无显著异常收益。
Using event time methodology, this study explores, over the 17-year period of 1966 to 1982, the effect on the price of common stock in large publicly held corporations of Chief Executive Officer (CEO) succession following the death of each CEO's predecessor. The market was found to react positively to the announcement of internal succession, but external succession was not associated with significant abnormal returns. The findings support the importance of examining the organizational conditions surrounding succession events.