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...

This paper studies the interactions between corporate boards and major customers. Using the Sarbanes-Oxley Act of 2002 (SOX) and consequent governance reforms as a quasi-natural experiment, we find that SOX-affected firms diversify their customer bases by removing directors with business links...