Schaeck, Klaus; Cihak, Martin; Maechler, Andrea; Stolz, … - In: Review of Finance 16 (2011) 1, pp. 197-243
We exploit a unique data set of executive turnovers in community banks to test the micro-mechanisms of discipline by examining the monitoring and influencing role of different stakeholders. We find executives are more likely to be dismissed in risky institutions. Examining the roles of...