The Effects of Succession Choice Surrounding CEO Turnover Announcements: Evidence from Marathon Successions
研究了CEO更替中“马拉松式继任”（即搜索过程延长至现任CEO正式离职通知之后）的发生条件，发现其多出现在意外离职和强制更替后，且常见于业务多元化的企业。
This study examines marathon successions, which I define as top executive searches that are extended past the formal departure notice of the incumbent chief executive officer (CEO). Marathons should be used when search costs are high and when little time passes from when the incumbent steps down to when they leave the firm. Consistent with these predictions, marathons primarily follow surprise departures and forced turnovers. Marathons are also likely for firms operating in heterogeneous industries that face early tenure incumbent departures. These findings shed light on an increasingly prevalent form of succession and provide insight into the rationale and implications behind the announcement.