In this article, we examine whether internal governance, the process through which subordinate managers effectively monitor the chief executive officer (CEO), can improve a firm's liquidity. Using the difference in horizons between a CEO and his immediate subordinates to measure internal...

Are portfolio managers skilled or do they trade too much? Using a marked-to-market based“fair-value” method for measuring fund manager skill, we find that institutional managers canpotentially earn +42 (+33) basis points benchmark-adjusted return before transaction costs aftera holding...