Working Paper

01 August 2015

Mind the gap: The Age Dissimilarity between the Chair and the CEO

We study the relation between the chair of the board of directors and the CEO. We argue that substantial age dissimilarity between the two - giving rise to cognitive conflict - increases board monitoring and firm value for firms with...

Marc Goergen | Peter Limbach | Meik Scholz-Daneshgari
03 July 2017

Common Ownership, Competition, and Top Management Incentives

We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes varia- tion in managerial incentives and productivity...

Miguel Anton | Florian Ederer | Mireia Giné | Martin Schmalz
01 June 2017

What is the Shareholder Wealth Impact of Target CEO Retention in Private Equity Deals?

There is a widespread belief among observers that a lower premium is paid when the target CEO is retained by the acquirer in a private equity deal because the CEO’s potential conflicts of interest leads her to negotiate less...

Leonce Bargeron | Frederik Schlingemann | René Stulz | Chad J. Zutter
01 June 2006

Inside the Family Firm: The Role of Families in Succession Decisions and Performance

This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in corporate decision making and the consequences of these decisions on firm performance. We focus on the decision to appoint either a...

Morten Bennedsen | Kasper Nielsen | Francisco Perez-Gonzalez | Daniel Wolfenzon