Inside the Family Firm: The Role of Families in Succession Decisions and Performance
This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in corporate decision making and the consequences of...
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Governance and Stakeholders
Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that officers and directors pursue...
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How are Bankers Paid?
We empirically examine bank CEOs’ compensation. We find that bank CEOs (a) are paid less than their nonfinancial counterparts, an effect driven...
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The Millennial Corporation: Strong Stakeholders, Weak Managers
The most important phenomenon in the corporate world today is the swift and dramatic rise of the Environmental, Social, and Governance (“ESG”)...
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Changes in CEO Stock Option Grants: A Look at the Numbers
We study changes in the number of CEO stock option grants. Despite some evidence of short-term rigidity, the number of options granted changes...
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How Large Is the Pay Premium From Executive Incentive Compensation?
We estimate the pay premium associated with CEO incentive compensation. Using explicit detailed U.S. CEO compensation contract data and simulation...
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The Market for CEOs
We study the market for CEOs of large publicly-traded US firms, analyze new CEOs’ prior connections to the hiring firm, and explore how hiring choices...
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Generalists versus Specialists: Lifetime Work Experience and CEO Pay
We show that pay is higher for CEOs with general managerial skills gathered during lifetime work experience. We use CEOs’ résumés of S&P 1,500...
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CEO Turnover and Director Reputation
This paper analyzes the reputational effects of forced CEO turnovers on outside directors. We find that directors interlocked to a forced CEO turnover...
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Are CEOs Born Leaders? Lessons from Traits of a Million Individuals
What makes a CEO? Our study combines a near-exhaustive sample of CEOs of Swedish companies with data on their cognitive and non-cognitive ability and...
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A Survey of Recent Evidence on Boards of Directors and CEO Incentives
This article surveys the recent literature on boards of directors and the interplay between director incentives and CEO incentives. The primary focus...
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Between Scylla and Charybdis: CEO Political Ideology, Dividends and Downsizing During the Pandemic
Using a proprietary dataset, we study whether CEO political ideology affected how S&P 500 firms reacted to the Covid-19 pandemic. ...
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