CFO Gaps: Determinants and Impact on the Corporate Information Environment
研究了CFO职位空缺（旧CFO离职到新CFO上任之间的空档期）的发生频率、决定因素及其对公司信息环境的影响。发现约三分之一的CFO更替伴随空缺，平均持续两个季度零两个月，且空缺与自愿披露频率和分析师预测质量下降有关。
ABSTRACT A CFO gap arises when the CFO position is left vacant for a period between the departure of the old CFO and the appointment of a new CFO. We find that CFO gaps are fairly common; over the sample period 2004–2016, approximately one-third of CFO turnovers are associated with a CFO gap, lasting, on average, two quarters and two months. CFO gaps are more likely for firms that face more labor market search frictions and with financial reporting and performance issues, and are less likely for firms with succession plans and with greater growth opportunities. While CFO gaps are not associated with significant changes in firms' financial reporting quality, they are associated with significantly negative changes in firms' voluntary disclosure frequency and analysts' forecast quality. Our findings shed light on the factors that influence top executive gaps and the impact of such gaps on firms' information environment.