How much board turnover is best
研究了2003至2013年标准普尔500指数公司董事会更替与股东回报的关系，发现三年内更换至少三位董事的公司表现最佳，而更换零位或五位以上的公司表现最差。
The article informs about a study of board turnover and shareholder returns at Standard & Poor's 500 index companies during 2003 to 2013. The study found that the best-performing companies had replaced at least three directors over a three-year period and that the worst-performing companies had either no director changes of had at least five changes. The analysis suggests that some turnover is a characteristic of corporate governance and leadership behaviors that drive shareholder wealth.