Purpose: The corporate finance literature has largely treated individual managers as uniform entities, leaving unexplained the large heterogeneity in corporate practices. The authors explore whether educational background attributes, such as a bachelor's degree from an elite institution and the...

Purpose Historically, most CEOs were promoted from within the organization. The internal candidates offer continuity, are well known to the Board, and have deep institutional knowledge. However, if the Board is seeking changes to the firm’s strategy, operations, or culture, they turn to...

Different versions of the score test for neglected heterogeneity for a right censored exponential model are analyzed. These tests depend on how the information matrix is estimated. A test based on the theoretical information matrix is derived that is shown to outperform all the other tests....