We examine the influence of outside directors' industry experience on segment investment, segment operating performance, and firm valuation for conglomerates. Given board composition is endogenous, we instrument for the presence of industry expert directors using the supply of experienced...

This paper investigates the impact of firms’ positions in the network of intersectoral input-output linkages on the use, intensity, and implementation of relative performance evaluation (RPE) in CEO compensation contracts. Consistent with a fundamental but not thoroughly investigated...

We study managerial style effects in investment decisions, financing policies, and firm profitability by examining exogenous CEO changes arising from deaths, health issues, and natural retirements. In a comprehensive panel of 8,615 Compustat firms from 1990 to 2007, we find that policy changes...