How Much Do Directors Influence Firm Value
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
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