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This paper shows that CEOs are fired after bad firm performance caused by factors beyond their control. Standard economic theory predicts that corporate boards filter out exogenous industry and market shocks from firm performance before deciding on CEO retention. Using a hand-collected sample of 3,365 CEO turnovers from 1993 to 2009, we document that CEOs(More)
  • Charles R Korsmo, Minor Myers, Charles R Korsmo Minor Myers, Barry Adler, Ian Ayres, Quinn Curtis +9 others
  • 2015
In this Article, we demonstrate that the stockholder's appraisal remedy—long-dismissed in corporate law scholarship as useless or worse—is in the middle of a renaissance in public company mergers. We argue that this surge in appraisal activity promises to benefit public shareholders in circumstances where they are most vulnerable. We first show a sea change(More)
  • Gabriel Rauterberg, Richard Brooks, Gralf-Peter Calliess, Susannah Camic, Albert Choi, Merritt Fox +18 others
  • 2016
Ever since Coase, transaction cost economics has posed a basic choice for how to organize production – firms or markets. In markets, decentralized parties contract with one another, while in firms, decisions are made on the basis of hierarchy and command. Over the last several decades, scholars have shown that the market is actually pervaded by(More)
  • Charles F Sabel, Jane E Prokop, In Roman Frydman, Andrzej Rapaczynski, Cheryl Gray, Ron Gilson +3 others
  • 2014
Without the knowledgeable assistance of the Economic Committee for the Development of the Urals Region, and particularly of Sergei Vozdvizhenskiy and Evgeniy Popov, we could not have conducted the discussions with factory managers on which this essay is based. We are grateful for their help. The names of factories used in the essay and some(More)
What is a good banker? What is the economic value added of banks? The economics literature on financial intermediation focuses on the role of banks as deposit-taking institutions and as delegated monitors of borrowers. But this description barely begins to represent what banks do in a modern economy. Besides commercial lending, large banks are engaged in a(More)
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