The Information Content of the Resignation of Independent Directors
研究中国独立董事辞职的信息含量，发现市场对非强制性辞职反应负面，且辞职后公司长期表现不佳，投资者可据此决策。
The study examines the information content of independent director resignations in China.The paper firstly uses event study and finds that investors react negatively around the event date to non-compulsory resignations of independent directors,who resign not because of the tenure or governmental regulations.Then the author analyzes firm performance after independent director resignations and fined that the average CARs over a 250-day post-resignation period are significantly negative.The negative value effects are more significant in those firms whose resignation announcements did not deliver the thanks to the resigned independent director. The results confirm that investors can make their investment decision according to the information content of independent director resignations.