Ertugrul, Mine; Krishnan, Karthik - In: Journal of Corporate Finance 17 (2011) 1, pp. 134-151
We find significant variation in the prior stock returns of firms that dismiss their CEOs between 1996 and 2008. 49% of firms that dismiss their CEOs do so in the absence of negative industry-adjusted stock returns prior to dismissal (37% dismiss in the absence of negative raw returns). We find...