When an Executive Departs: An Informational Content Story
研究发现，高管离职后，其前雇主的重组和减记信息会向市场传递该高管能力低于预期的信号，导致其现任雇主股价显著下跌，尤其在同行业跳槽时更明显。
ABSTRACT Information about an executive's decisions at his/her former employer can have a significant impact on the stock returns of his/her current employer, even after the job change occurs. In this article, we analyze transfers of information, which, we argue, reflect executive decision‐making ability as executives change jobs. We examine information about restructurings and write‐downs at the new employer emerging after the executive has left an employer that indicates the executive is of lower ability than investors had expected at the time of the hiring. Our results show that such signals are associated with significant negative returns to the current employer's shares, particularly for within‐industry job changes. We distinguish between restructurings at firms with and without departing executives and find that following an executive's departure, firms that had executives depart experience negative market reactions.