Fahlenbrach, Rudiger; Low, Angie; Stulz, Rene - Charles A. Dice Center for Research in Financial … - 2008
have likely suffered from a corporate control event. The final sample consists of 26,231
appointments from 5,400 firms … with the sample of 26,231 appointments. The event year, or year 0, is the year
of the director appointment. We further …
average over event years -2 and -3. Performance after the appointment is calculated as the
average over event years +1 …