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CEO turnover–performance sensitivity in private firms
We compare chief executive officer (CEO) turnover in public and large private firms. Public firms have higher turnover rates and exhibit greater turnover–performance sensitivity (TPS) than private firms. When we control ...
Stock liquidity and stock price crash risk
We find that stock liquidity increases stock price crash risk. To identify the causal effect, we use the decimalization of stock trading as an exogenous shock to liquidity. This effect is increasing in a firm’s ownership ...
The easy-money effect : credit card spending and hard-work reminders
Purpose This research paper aims to examine the proposed easy-money effect of credit cards, which stimulates consumers to over spend. This paper shows how such easy-money effect could be weakened. Design/methodology/approach ...