Stockholder Reactions to CEO Changes in Large Corporations
研究了CEO变更时公司业绩背景和新CEO来源如何影响股东反应，发现投资者最看好财务健康公司任命外部CEO的情况。
The literature on leadership suggests that the performance context of a succession event and the origin of a newly appointed leader moderate the relationship between the succession and its consequences for performance in large corporations.We tested that premise with data from 477 large corporations and a measure of excess stock market returns.The findings show that investors are most favorably predisposed to successions in which outsiders are appointed to financially healthy firms.