The stock market effects of CEO succession in bankrupt firms
研究大型破产企业CEO更替对股东财富的影响，发现破产前后更替公告均带来正异常收益，且外部继任更常见、市场反应更积极。
This article examines the effects of CEO successions on stockholder wealth in large firms that are also experiencing bankruptcy. Succession announcements that occurred prior to and subsequent to bankruptcy announcements are associated with positive abnormal returns, and we found a greater incidence of outside succession near bankruptcy than for successions in general. The market’s reaction was also more positive for outsiders than for insiders, and this was especially so when the succession happened after bankruptcy.