Director networks and firm value
利用董事意外去世作为冲击，研究发现董事网络受损会降低关联公司价值，且对依赖董事会信息渠道的公司影响更大，表明董事网络具有信息价值。
Are the professional networks of directors valuable? To separate the effect of director networks on firm value from the effect of other value-relevant director attributes, we use the unexpected deaths of directors as a shock to the director networks of interlocked directors. By studying the announcement returns and using a difference-in-differences methodology, we find the negative shock to director networks reduces the value of interlocked firms – a result that is stronger for firms that are more likely to benefit from access to information from board connections. This evidence is consistent with director networks being valuable and improving access to information.