This study investigates market reactions to announcements of CEO turnover and finds that forced turnovers are not accompanied by positive returns, which contradicts the broad view that firing a CEO sends a positive signal to the market. This contradiction is further explored by focusing on the...

This study tries to determine to what extent the Chinese bureaucracy is merit-based. By triangulating quantitative and qualitative survey data from a sample of Chinese cadres (n=286), the authors aim to answer the research question: “What is the behavioural impact of the incentive structure...