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) frequently replace managers. The proportion of junior directors over non-top manager directors is positively associated with firm … performance. Given that most Japanese top managers are promoted within the firm from employee/director positions, those results …
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This paper studies how hedge fund activism reshapes board monitoring, CEO incentives and compensation. I find that activists target CEOs who have co-opted the board, have poor performance records and weak equity portfolio incentives, are less subject to relative performance evaluation (RPE) but...
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We investigate how board expertise affects CEO incentives and firm value. The CEO engages in a sequence of tasks: first acquiring information to evaluate a potential project, then reporting his assessment of the project to the board, and finally implementing the project if it is adopted. We...
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