Many companies spend substantial resources in order to be viewed as socially responsible. We argue that one reason firms do this is to create a warm glow about the firm and thereby affect employee behavior and improve performance. This proposition is tested with an incomplete contract...

We use hand-collected board data around the issuance of two distinct government-led board structure mandates in the U.K. to establish the effect of outside directors on acquirer performance. Increases in outside director representation are associated with better acquirer returns in deals...

This paper investigates whether and how CEO acquisition-selectivity skill differences have significant cross-sectional effects on firm value. We document that CEO acquisition-selectivity skill and firm performance are diverse in the cross-section of acquiring firms. CEOs with low...

We examine whether involuntary CEO replacements pay off by improving firm prospects. We find CEO successors' acquisition investments to be associated with significantly higher shareholder gains relative to their predecessors and the average CEO. This improvement in post-turnover acquisition...