This paper proposes a new approach to study how corporate policies change upon the replacement of the CEO. We employ empirical Bayes simultaneous tests on the executive fixed effects and find a significant heterogeneity in their styles. Furthermore, we implement a measure that explores the...

This essay reviews Bebchuk and Fried's "Pay without Performance: The Unfulfilled Promise of Executive Compensation". Bebchuk and Fried criticize the standard view of executive compensation, in which executives negotiate contracts with shareholders that provide incentives that motivate them to...