We examine the effect of a CEO's military service on merger and acquisition decisions and outcomes. We find that acquirers led by CEOs with military backgrounds earn significantly higher abnormal stock returns at deal announcement, and these deals exhibit higher short-run and long-run synergies....

We explore patterns of board structure and function in the venture capital industry, identifying factors that influence whether venture capitalists receive a board seat and whether they take action to help portfolio companies in which they invest. In a comprehensive sample of US-based and...

This paper investigates how the job histories of CEOs influence their capital allocation decisions when they preside over multi-divisional firms. I find that, after CEO turnover, divisions not previously affiliated with the new CEO receive significantly more capital expenditures than divisions...

This article investigates how the job histories of CEOs influence their capital allocation decisions when they preside over multidivisional firms. I find that, after CEO turnover, divisions not previously affiliated with the new CEO receive significantly more capital expenditures than divisions...

This paper investigates how executive employment contracts influence corporate financial policies during the final year of the contract term, using a new, hand-collected data set of CEO employment agreements. On the one hand, the impending expiration of fixed-term employment contracts creates...

We study the impact of toxic emissions on the migration of corporate executives. We link data on the opening of industrial plants emitting toxic air pollutants with information on the career paths of executives at all S&P 1500 firms over the 1996-2014 period. We find that (1) the opening of...