haku: @author Kang, J. / yhteensä: 4
viite: 4 / 4
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| Tekijä: | Kang, J. Shivdasani, A. |
| Otsikko: | Does the Japanese governance system enhance shareholder wealth? Evidence from the stock-price effects of top management turnover |
| Lehti: | Review of Financial Studies
1996 : WINTER, VOL. 9:4, p. 1061-1096 |
| Asiasana: | REVIEW FINANCE JAPAN |
| Kieli: | eng |
| Tiivistelmä: | This article examines the stock-price effects of top management turnover announcements for 432 Japanese corporations from 1985 to 1990. The authors find that these announcements are associated with significantly positive abnormal returns. The returns are greater when turnover is forced than when turnover represents normal succession. The stock-price effects are also significantly positive when turnover is forced and the successor is appointed from outside the firm. The authors find that large shareholders play an important role during outside succession. |
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