Essays on Executive Turnover

  title={Essays on Executive Turnover},
  author={Johan Maharjan},
Outsider vs insider: Does firm governance matter?
As CEO turnover occurs, the company may select an insider or outsider as a successor. This study attempts to ascertain whether firm performance, female directors, board religiosity and blockholderExpand
Board Characteristics, Corporate Performance and CEO Turnover Decisions: An Empirical Study of Listed Non- Financial Companies
This study examines the influence of board characteristics and corporate performance on CEO turnover decisions using a sample of 144 firms from non-financial companies listed on the Nigerian StockExpand


How Has CEO Turnover Changed?
We study CEO turnover – both internal (board driven) and external (through takeover and bankruptcy) – from 1992 to 2007 for a sample of large US companies. Annual CEO turnover is higher than thatExpand
Why Are CEOs Rarely Fired? Evidence from Structural Estimation
I evaluate the forced CEO turnover rate and quantify effects on shareholder value by estimating a dynamic model. The model features learning about CEO ability and costly turnover. To fit the observedExpand
CEO turnover and outside succession A cross-sectional analysis
Abstract This study examines chief executive officer (CEO) turnover. It reports new evidence on factors that affect the likelihoods of voluntary and forced turnover, and for both of these turnoverExpand
The Role of Deferred Pay in Retaining Managerial Talent
We examine the role of deferred vesting of stock and option grants in reducing executive turnover. To the extent an executive forfeits all unvested stock and option grants if she leaves the firm,Expand
Innovation and Institutional Ownership
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, weExpand
Investor Heterogeneity, Investor-Management Disagreement, and Share Repurchases
This paper develops and tests a new theoretical explanation for stock repurchases. Investors may disagree with the manager about the firm's investment projects. A repurchase causes a change in theExpand
The Role of Corporate Culture in Mergers & Acquisitions
Corporate mergers are an important driver of growth, and yet many mergers fail to produce value for the shareholders of the acquiring firms. Survey and anecdotal evidence suggests that corporateExpand
Mutual Fund Trading Pressure: Firm-Level Stock Price Impact and Timing of SEOs
We use price pressure resulting from purchases by mutual funds with large capital inflows to identify overvalued equity. This is a relatively exogenous overvaluation indicator as it is associatedExpand
Real Effects of Stock Underpricing
This paper provides evidence for a causal effect of equity prices on corporate investment and employment. We use fire sales by distressed equity funds during the 2007-2009 financial crisis toExpand
Incentives to Innovate and Financial Crises
In this paper I develop a model of a competitive financial system with unrestricted but costly entry and an endogenously determined number of competing financial institutions (“banks” for short).Expand