Does Firing a CEO Pay Off?
研究非自愿CEO更换能否改善公司前景，发现新CEO的收购投资带来更高股东收益，且效果受董事会独立性、对冲基金持股和新CEO经验影响。
Abstract We examine whether involuntary chief executive officer (CEO) replacements pay off by improving firm prospects. We find CEO successors’ acquisition investments to be associated with significantly higher shareholder gains relative to their predecessors and the average CEO. This improvement in postturnover acquisition performance appears to be a function of board independence, hedge fund ownership, and the new CEO's relative experience. CEO successors also create sizable shareholder value by reversing prior investments through asset disposals and discontinuing operations and by employing more efficient investment strategies. Our evidence suggests that firing a CEO pays off.