Do Independent Director Departures Predict Future Bad Events?
研究发现，独立董事意外离职的公司后续业绩更差、更易重述财报、面临股东诉讼和极端负面回报，市场对此反应负面，且证据支持离职是对负面事件的预期而非原因。
Following surprise independent director departures, affected firms have worse stock and operating performance, are more likely to restate earnings, face shareholder litigation, suffer from an extreme negative return event, and make worse mergers and acquisitions. The announcement returns to surprise director departures are negative, suggesting that the market infers bad news from surprise departures. We use exogenous variation in independent director departures triggered by director deaths to test whether surprise independent director departures cause these negative outcomes or whether an anticipation of negative outcomes is responsible for the surprise director departure. Our evidence is more consistent with the latter.