Among U.S. industrial companies that are not acquired we compare top management turnover between an active takeover period (1984-1988) and a less active period (1989-1993). For firms in the lowest quartile of performance, as measured by operating income scaled by assets, 33% subsequently...

We analyze personal open market trades by managers around stock repurchases by tender offer. With the exception of Dutch auction offers, managers trade their firm's shares prior to repurchase announcements as though repurchases convey favorable inside information to outsiders. Prior to fixed...