The Effect of Executive Succession on Stockholder Wealth
研究了1978-1979年纽交所和美交所公司高管变更对股价的影响，发现继任效应取决于公司规模、继任者来源和前任去向的交互作用，仅在小公司外部继任且同时宣布前任离职时出现显著正效应。
Marc R. Reinganum This research explores the effects of executive succession on the stock prices of firms that traded on the New York and American stock exchanges during 1978 and 1979. The empirical results suggest that predictions about succession effects must be tempered by the organizational context of the change. In particular, the data indicate that one must control for the size of the firm, the origin of the successor, and the disposition of the predecessor. Empirically, the effects of these variables-do not appear to be independent of each other. Rather, the succession effects seem to be dependent on the interaction among these variables. Significant, positive succession effects were found around the time of the announcement of a change, but only for external appointments in small firms in which the departure of the former officeholder was announced along with the appointment of the new executives