This paper studies how board structure changes with CEO characteristics. I estimate a structural model that endogenizes board structure, CEO firing, and firm performance. Adopting such an approach mitigates endogeneity concerns and allows for the exploration of some within-firm results that are...

The governance reforms of 2003 require corporate boards to establish various committees. This paper studies how these committees are structured and the corresponding impacts. I find that independent directors with long tenures and multiple board seats tend to multitask and sit on more...

We investigate whether average director tenure affects a firm's stock return volatility. Exploiting director deaths as exogenous shocks, we show that firms losing long-tenured directors experience 16.75% higher post-event annualized return volatility compared to control firms. Firms with...