Learning About Directors
通过一个学习模型研究资本市场如何了解新董事的质量，发现治理相关不确定性约占新董事加入时股票回报波动的10%，且董事重要性随董事会构成和公司特征变化。
Abstract This article studies the importance of corporate boards through a learning model in which capital markets learn about incoming directors’ quality. The model’s predictions are tested across a large sample of director appointments. Estimates show that governance-related uncertainty accounts for about 10% of stock return volatility when a new director joins. The learning framework provides a theoretically grounded approach to identify when directors matter more to investors. The analysis shows that director importance varies with board composition and firm attributes: Investors perceive directors as more important on boards with greater generational diversity, in smaller firms, and firms with higher knowledge capital.