The Importance of Board Quality in the Event of a CEO Death
研究了高管去世时董事会质量与继任决策的关系，发现董事会独立性是解释股价反应的最重要因素，尤其在无明确继任者且公司业绩差时更为关键。
Abstract We examine board quality and executive replacement decisions around deaths of senior executives. Stock price reactions to executive deaths are positively related to board independence. Controlling for such factors as the deceased's stockholdings, outside blockholdings, board size, and whether the deceased was a founder, board independence is the most significant factor explaining abnormal returns. Board independence is particularly important when there is no apparent successor and firm performance is poor. The results are consistent with independent boards being reluctant to discipline poorly performing incumbent managers, but nevertheless using the opportunity of an executive death to improve the quality of management.