How Much Do Directors Influence Firm Value

Published: Dec 11, 2018
Abstract
We find that investors fail to immediately account for information in past prices among firms with interconnected boards: a long-short portfolio, formed based on these links, yields an annual alpha of 6.5%. This predictability is limited to the period of the board link and not driven by industry or previously identifed links. Investor inattention plays a key role: the predictability is concentrated among the largest firms, the long-end and in...
Paper Details
Title
How Much Do Directors Influence Firm Value
Published Date
Dec 11, 2018
Citation AnalysisPro
  • Scinapse’s Top 10 Citation Journals & Affiliations graph reveals the quality and authenticity of citations received by a paper.
  • Discover whether citations have been inflated due to self-citations, or if citations include institutional bias.