A naturally controlled experiment of managerial transition: sprint corporation's transfer of Len Lauer from President of FON to President of PCS

This study presents an analysis of Len Lauer's transfer from the presidency of Sprint's FON division to the presidency of its PCS division. By examining the unique nature of Sprint's dual tracking stocks, the study analyses what was perhaps the most perfectly controlled study possible involving a change in top management. The results suggest that Lauer's transfer to PCS (from FON) was accompanied by striking increases (decreases) in shareholder wealth.