The Market for Comeback CEOs

Ruediger Fahlenbrach, Bernadette A. Minton and Carrie H. Pan
Additional contact information
Bernadette A. Minton: ?
Carrie H. Pan: ?

Working Paper Series from Ohio State University, Charles A. Dice Center for Research in Financial Economics

Abstract: We study the determinants and valuation consequences of rehiring a former CEO. Rehiring is more likely after poor performance of the current CEO, if the former CEO performed well during his prior tenure and maintains strong connections to the firm, and the more intangible are the firm's assets. While the market reacts negatively to the rehiring announcement, the accounting and stock market performances of rehired CEO firms do not differ from those of a control sample over the two years following the turnover. Our evidence suggests that firms rehiring their former CEOs hire the best available candidate given the circumstances.

JEL-codes: G14 (search for similar items in EconPapers)
Date: 2007-02
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.cob.ohio-state.edu/fin/dice/papers/2007/2007-4.pdf
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.cob.ohio-state.edu/fin/dice/papers/2007/2007-4.pdf [301 Moved Permanently]--> https://www.cob.ohio-state.edu/fin/dice/papers/2007/2007-4.pdf [301 Moved Permanently]--> https://fisher.osu.edu/fin/dice/papers/2007/2007-4.pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ecl:ohidic:2007-4

Access Statistics for this paper

More papers in Working Paper Series from Ohio State University, Charles A. Dice Center for Research in Financial Economics Contact information at EDIRC.
Bibliographic data for series maintained by ().