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Singapore Management University

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2022

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Full-Text Articles in Business

Lee Kong Chian School Of Business Year In Review 2021-2022, Singapore Management University Dec 2022

Lee Kong Chian School Of Business Year In Review 2021-2022, Singapore Management University

SMU Corporate Reports

As Singapore and the world reopens, this has led to changes, especially as people feel safe to travel abroad again. This has impacted us of course. We have seen an 8.9 percent drop in undergraduate applications from our 2022 high. This decline is due in no small part to the relaxation of travel restrictions. However, despite the drop, the quality of applications this year is similar or maybe even slightly better than the year before. In the end, we matriculated 884 students, above our target. This includes 38 scholarship recipients who accepted our offer, representing a record yield. We have …


The Livingston Survey 2022, S. Anderson, B. Bovino, M. Brown, Thomas Lam, Et Al Dec 2022

The Livingston Survey 2022, S. Anderson, B. Bovino, M. Brown, Thomas Lam, Et Al

Sim Kee Boon Institute for Financial Economics

The 16 participants in the December Livingston Survey weakened their forecasts for real GDP growth, compared with their projections in the June 2022 survey. The forecasters, who are surveyed by the Federal Reserve Bank of Philadelphia twice a year, expect 2.0 percent annualized growth in real GDP during the second half of 2022. They project 0.4 percent annualized growth over the first half of 2023. The forecasters predict that real GDP will continue to decline and reach -1.0 percent annualized growth in the second half of 2023.


Understanding Sentiment Through Context, Richard M.Crowley, M.H. Franco Wong Dec 2022

Understanding Sentiment Through Context, Richard M.Crowley, M.H. Franco Wong

Research Collection School Of Accountancy

We examine whether empirical results using text-based sentiment of U.S. annual reports depend on the underlying context, within documents, from which sentiment is measured. We construct a clause-level measure of context, showing that sentiment is driven by many different contexts and that positive and negative sentiment are driven by different contexts. We then construct context-level sentiment measures and examine whether sentiment works as expected at the context-level across four prediction problems. Our results demonstrate that document-level sentiment exhibits significant noise in prediction and suggest that document-level aggregation of sentiment leads to missed empirical nuances. The contexts driving sentiment results vary …


What Should Streamers Communicate In Livestream E-Commerce? The Effects Of Social Interactions On Live Streaming Performance, Danyang Song, Xi Chen, Zhiling Guo, Xiao Liu Liu, Ruijin. Jin Dec 2022

What Should Streamers Communicate In Livestream E-Commerce? The Effects Of Social Interactions On Live Streaming Performance, Danyang Song, Xi Chen, Zhiling Guo, Xiao Liu Liu, Ruijin. Jin

Research Collection School Of Computing and Information Systems

Compared with traditional e-commerce, livestreaming e-commerce is characterized by direct and intimate communication between streamers and consumers that stimulates instant social interactions. This study focuses on streamers’ three types of information exchange (i.e., product information, social conversation, and social solicitation) and examines their roles in driving both short-term and long-term livestreaming performance (i.e., sales and customer base growth). We find that the informational role of product information (nonpromotional and promotional) is beneficial not only to sales performance, but also to the growth of the customer base. We also find that social conversation has a relationship-building effect that positively impacts both …


Arts Marketing, David Ocon Dec 2022

Arts Marketing, David Ocon

Research Collection School of Social Sciences

Although there are hundreds of resources on traditional and commercial marketing, the materials available specifically for arts marketing are scarce, posing additional challenges for Gillian. Furthermore, while some focus on arts management, few of them address marketing from the perspective of a small-to-medium (often financially struggling) arts organization. An organization like Gillian’s often has limited resources, both financial and human, and can only approach marketing informally. However, it experiences the same pressures to perform well as larger arts institutions. Often, survival depends on how well it implements the marketing strategies that marketing staff create on their own. This chapter is …


The Effectiveness Of Using Python Programming Approach In Teaching Ffnancial Analytics, Clarence Goh, Yuanto Kusnadi, Gary Pan Dec 2022

The Effectiveness Of Using Python Programming Approach In Teaching Ffnancial Analytics, Clarence Goh, Yuanto Kusnadi, Gary Pan

Research Collection School Of Accountancy

This study presents a learning method and challenges regarding implementing a Python programming approach in teaching financial analytics to graduate accounting students. The advent of Big Data, as well as related applications and technologies, has significantly changed the process and practice of accounting. This has led to essential changes in the construction and teaching content of accounting education. While there have been several studies examining how data analytics is embedded in the accounting curriculum, the majority of the teaching cases in accounting focus on analysis and communication with Excel as the principal tool, with very few covering the necessary steps …


Using An Online Bidding Game To Teach Costing In Management Accounting, Poh Sun Seow, Suay Peng Wong Dec 2022

Using An Online Bidding Game To Teach Costing In Management Accounting, Poh Sun Seow, Suay Peng Wong

Research Collection School Of Accountancy

This paper describes an online multi-player game (Bidding Game), which was developed to reinforce the understanding of cost behavior and cost concepts taught in an introductory management accounting undergraduate course. The Bidding Game was motivated by the aim to facilitate active learning as students apply the theories that they have learnt in a fun and interactive manner. The survey results suggest that the game significantly improves students’ perceived knowledge of the costing topic. Students also agreed that the game enhanced their learning and that they had a positive experience playing the game.


Pickup And Multi-Delivery Problem With Time Windows, Pham Tuan Anh, Aldy Gunawan, Vincent F. Yu, Tuan C. Chau Dec 2022

Pickup And Multi-Delivery Problem With Time Windows, Pham Tuan Anh, Aldy Gunawan, Vincent F. Yu, Tuan C. Chau

Research Collection School Of Computing and Information Systems

This paper addresses a new variant of Pickup and Delivery Problem with Time Windows (PDPTW) for enhancing customer satisfaction. In particular, a huge number of requests is served in the system, where each request includes a pickup node and several delivery nodes instead of a pair of pickup and delivery nodes. It is named Pickup and Multi-Delivery Problem with Time Windows (PMDPTW). A mixed-integer programming model is formulated with the objective of minimizing total travel costs. Computational experiments are conducted to test the correctness of the model with a newly generated benchmark based on the PDPTW benchmark instances. Results show …


Unveiling The Process Of Collaborative Learning Through The Use Of Digital Whiteboard Historical Action Logs, Hua Leong Fwa Dec 2022

Unveiling The Process Of Collaborative Learning Through The Use Of Digital Whiteboard Historical Action Logs, Hua Leong Fwa

Research Collection School Of Computing and Information Systems

The Covid-19 pandemic has forced many educational institutions to transit from face-to-face to online delivery of lessons. Precluded from meeting face-to-face in a classroom due to pandemic curbs, a digital whiteboard affords both teacher and learners to be collaborating and completing a task from home instead. In this paper, we first used a survey to assess learner’s acceptance and use of digital whiteboard. We next web-scraped and visualized historical action logs recorded by the digital whiteboarding tool to uncover the process of problem-solving between and within the teams. This is significant as social-loafing and free-riding are typically difficult to detect …


Learning From Manipulable Signals, Mehmet Ekmekci, Leandrro Gorno, Lucas Maestri, Jian Sun, Dong Wei Dec 2022

Learning From Manipulable Signals, Mehmet Ekmekci, Leandrro Gorno, Lucas Maestri, Jian Sun, Dong Wei

Research Collection Lee Kong Chian School Of Business

We study a dynamic stopping game between a principal and an agent. The agent is privately informed about his type. The principal learns about the agent’s type from a noisy performance measure, which can be manipulated by the agent via a costly and hidden action. We fully characterize the unique Markov equilibrium of this game. We find that terminations/ market crashes are often preceded by a spike in (expected) performance. Our model also predicts that, due to endogenous signal manipulation, too much transparency can inhibit learning. As the players get arbitrarily patient, the principal elicits no useful information from the …


Optimal Channel Strategy Of Luxury Brands In The Presence Of Online Marketplace And Copycats, Sarah Yini Gao, Wei Shi Lim, Ziqiu Ye Dec 2022

Optimal Channel Strategy Of Luxury Brands In The Presence Of Online Marketplace And Copycats, Sarah Yini Gao, Wei Shi Lim, Ziqiu Ye

Research Collection Lee Kong Chian School Of Business

The strategic interaction between authentic luxury brands and their copycats has evolved since the proliferation of online marketplaces. Using a game-theoretic framework, we examine how an authentic luxury brand, observing the strategic behavior of its competing copycats, should make its optimal entry decision to a third-party online marketplace. Our findings reveal that the authentic luxury brand does not sell on the online marketplace when either the quality or the physical resemblance of the copycat to the authentic luxury brand is high. This contributes to the related literature by offering an explanation for the increasing quality of copycats amid the e-commerce …


Charting New Courses To Enter Foreign Markets: Conceptualization, Theoretical Framework, And Research Directions On Non-Traditional Entry Modes, Keith D. Brouthers, Liang Chen, Sali Li, Noman Shaheer Dec 2022

Charting New Courses To Enter Foreign Markets: Conceptualization, Theoretical Framework, And Research Directions On Non-Traditional Entry Modes, Keith D. Brouthers, Liang Chen, Sali Li, Noman Shaheer

Research Collection Lee Kong Chian School Of Business

Recent advances in digitalization and increasing integration of international markets are paving the way for a new generation of firms to use non-traditional entry modes that are largely marginalized in previous entry mode studies. While extant research revolves around the level of resource commitment and control in foreign activities, non-traditional modes are encapsulated by the extent of embeddedness required for exploring new and/or exploiting existing resources. In particular, we draw attention to four such categories of non-traditional entry modes the literature has touched on, i.e., capital access, innovation outposts, virtual presence, and the managed ecosystem. We explore the key attributes, …


Shaping Ott Movie Consumption Through Immersive Cinema: A Qualitative Investigation Of Consumer Perspectives, Avirupa Basu, Pratap C. Mandal, Ashutosh. B. Murti, Tamas Makany, Tamas Makany Dec 2022

Shaping Ott Movie Consumption Through Immersive Cinema: A Qualitative Investigation Of Consumer Perspectives, Avirupa Basu, Pratap C. Mandal, Ashutosh. B. Murti, Tamas Makany, Tamas Makany

Research Collection Lee Kong Chian School Of Business

Due to the COVID-19 pandemic, the entertainment sector saw a worldwide disruption with restrictions on outdoor activities. Consequently, consumers turned towards video and music streaming services for their entertainment consumption. Several film studios have taken the digital release route on over-the-top (OTT) sites to avoid revenue losses and indefinite delays. However, these non-theatrical OTT film releases need to experiment with different strategies to bring the experiences to par with theatrical ones. This exploratory study aims to provide insights on whether Immersive Cinema can be used to imitate the physical world through digital simulation on OTT platforms to gain credibility in …


Governance And Design Of Digital Platforms: A Review And Future Research Directions On A Meta-Organization, Liang Chen, Tony W. Tong, Shaoqin Tang, Nianchen Han Dec 2022

Governance And Design Of Digital Platforms: A Review And Future Research Directions On A Meta-Organization, Liang Chen, Tony W. Tong, Shaoqin Tang, Nianchen Han

Research Collection Lee Kong Chian School Of Business

The burgeoning digital-platforms literature across multiple business disciplines has primarily characterized the platform as a market or network. Although the organizing role of platform owners is well recognized, the literature lacks a coherent approach to understanding organizational governance in the platform context. Drawing on classic organizational governance theories, this paper views digital platforms as a distinct organizational form where the mechanisms of incentive and control routinely take center stage. We systematically review research on digital platforms, categorize specific governance mechanisms related to incentive and control, and map a multitude of idiosyncratic design features studied in prior research onto these mechanisms. …


The Impact Of Subscription Programs On Customer Purchases, Raghu Iyengar, Young-Hoon Park, Qi Yu Dec 2022

The Impact Of Subscription Programs On Customer Purchases, Raghu Iyengar, Young-Hoon Park, Qi Yu

Research Collection Lee Kong Chian School Of Business

Subscription programs have become increasingly popular among a wide variety of retailers and marketplace platforms. Subscription programs give members access to a set of exclusive benefits for a fixed fee upfront. In this paper, we examine the causal effect of a subscription program on customer behavior. To account for self-selection and identify the individual-level treatment effects, we combine a difference-in-differences approach with a generalized random forests procedure that matches each member of the subscription program with comparable non-members. We find subscription leads to a large increase in customer purchases. The effect of subscription is economically significant, persistent over time, and …


The Value Of Fiduciary Duties: Evidence From En Bloc Sales In Singapore, Jianfeng Hu, Kelvin F. K. Low, Wei Zhang Dec 2022

The Value Of Fiduciary Duties: Evidence From En Bloc Sales In Singapore, Jianfeng Hu, Kelvin F. K. Low, Wei Zhang

Research Collection Lee Kong Chian School Of Business

This paper examines the impact of fiduciary duties on collective asset sales in the case of owners acting as delegates for other owners, thereby potentially inducing conflicts of interests. Our identification strategy exploits a unique legal shock in Singapore, which established fiduciary duties in those transactions in the real estate market known colloquially as en bloc sales. The imposition of fiduciary duties caused the price premium of units sold via en bloc sales to increase over units ineligible for en bloc sale, as well as over units that, although eligible for en bloc sale, are sold individually. In addition, this …


Nature Tech: A Nascent Ecosystem, Simon J.D. Schillebeeckx Dec 2022

Nature Tech: A Nascent Ecosystem, Simon J.D. Schillebeeckx

Research Collection Lee Kong Chian School Of Business

When people talk about climate tech, they tend to mean carbon tech. It’s all carbon tunnel vision: Carbon footprint, carbon equivalent, carbon credit, carbon compensation, carbon emission reductions, carbon offsets, decarbonization and so on. By extension, the entire debate about energy transition, energy transformation, clean power and green energy is similarly a debate that is largely held within the carbon tunnel. Make no mistake about it. These are important topics to address. The energy transition will not only prevent catastrophic climate change but have massive benefits for human health by tackling fossil-fuel induced air pollution at the source.As the above …


Governance, Risk And Compliance (Grc) In Digital Transformation: Investor Views, Clarence Goh, Yuanto Kusnadi, Gary Pan, Poh Sun Seow Nov 2022

Governance, Risk And Compliance (Grc) In Digital Transformation: Investor Views, Clarence Goh, Yuanto Kusnadi, Gary Pan, Poh Sun Seow

Research Collection School Of Accountancy

Companies are embracing digital transformation to enhance their competitiveness. Existing studies show that it is important for companies to manage the governance, risk, and compliance (GRC) aspects of their digital transformation initiatives. While companies are increasingly understanding the importance of the role of GRC in digital transformation, it is unclear from the investors’ views. Thus, this study examines whether investors are placing importance on the role of GRC in digital transformation for their investment decisions. The results show that investors care about the GRC aspects of digital transformation initiatives undertaken by companies. The findings of this study are consistent with …


Revisiting Meta-Analytic Estimates Of Validity In Personnel Selection: Addressing Systematic Overcorrection For Restriction Of Range, Paul R. Sackett, Charlene Zhang, Christopher M. Berry, Filip Lievens Nov 2022

Revisiting Meta-Analytic Estimates Of Validity In Personnel Selection: Addressing Systematic Overcorrection For Restriction Of Range, Paul R. Sackett, Charlene Zhang, Christopher M. Berry, Filip Lievens

Research Collection Lee Kong Chian School Of Business

This paper systematically revisits prior meta-analytic conclusions about the criterion-related validity of personnel selection procedures, and particularly the effect of range restriction corrections on those validity estimates. Corrections for range restriction in meta-analyses of predictor–criterion relationships in personnel selection contexts typically involve the use of an artifact distribution. After outlining and critiquing five approaches that have commonly been used to create and apply range restriction artifact distributions, we conclude that each has significant issues that often result in substantial overcorrection and that therefore the validity of many selection procedures for predicting job performance has been substantially overestimated. Revisiting prior meta-analytic …


Can Big Data Cure Risk Selection In Healthcare Capitation Program? A Game Theoretical Analysis, Zhaowei She, Turgay Ayer, Daniel Montanera Nov 2022

Can Big Data Cure Risk Selection In Healthcare Capitation Program? A Game Theoretical Analysis, Zhaowei She, Turgay Ayer, Daniel Montanera

Research Collection Lee Kong Chian School Of Business

Problem definition: This paper analyzes a market design problem in Medicare Advantage (MA), the largest risk-adjusted capitation payment program in the U.S. healthcare market. Evidence exists that the current MA capitation payment program unintentionally incentivizes health plans to cherry pick profitable patient types, which is referred to as “risk selection”. However, the root causes of the risk selection are not comprehensively understood, which we study in this paper. Academic / Practical Relevance: The existing literature primarily attributes the observed risk selection in MA market to data limitations and low explanatory power (e.g. low R2) of the current risk adjustment design. …


Tourgether360: Collaborative Exploration Of 360° Videos Using Pseudo-Spatial Navigation, Kartikaeya Kumar, Lev Poretski, Jianan Li, Anthony Tang Nov 2022

Tourgether360: Collaborative Exploration Of 360° Videos Using Pseudo-Spatial Navigation, Kartikaeya Kumar, Lev Poretski, Jianan Li, Anthony Tang

Research Collection School Of Computing and Information Systems

Collaborative exploration of 360 videos with contemporary interfaces is challenging because collaborators do not have awareness of one another's viewing activities. Tourgether360 enhances social exploration of 360° tour videos using a pseudo-spatial navigation technique that provides both an overhead "context" view of the environment as a minimap, as well as a shared pseudo-3D environment for exploring the video. Collaborators are embodied as avatars along a track depending on their position in the video timeline and can point and synchronize their playback. We evaluated the Tourgether360 concept through two studies: first, a comparative study with a simplified version of Tourgether360 with …


The Past, Present, And Future Of China-Related Accounting Research, Qiang Cheng, Luzi Hail, Gwen Yu Nov 2022

The Past, Present, And Future Of China-Related Accounting Research, Qiang Cheng, Luzi Hail, Gwen Yu

Research Collection School Of Accountancy

This discussion makes several observations regarding the past 25 years of China-related accounting research reviewed in Lennox and Wu (2022). First, we discuss factors of supply and demand that led to the rise of China-related studies and how this growth has contributed to the internationalization of accounting research. We note that the taxonomy of the literature by geographic region rather than topic or methodology is unusual and makes it difficult to formulate a common framework that would help organize the many contributions. Next, we distill distinct patterns in authorship, choice of topics, and asserted contributions of China-related studies. Studies are …


Introducing A Model For How Knowledge-Driven Agile Innovation Can Drive Digital Transformation In Firms, Lipika Bhattacharya, Clarence Goh, Gary Pan Nov 2022

Introducing A Model For How Knowledge-Driven Agile Innovation Can Drive Digital Transformation In Firms, Lipika Bhattacharya, Clarence Goh, Gary Pan

Research Collection School Of Accountancy

Digital transformation often arises from the distribution of tasks among interdisciplinary teams of experts. One important factor that determines the success of digital transformation relates to an organization’s ability to innovate in an agile manner. In this article, we identify key drivers of digital transformation, which include organizational agility, knowledge management and innovation. Another crucial aspect of knowledge management relates to the coordination of knowledge. It is important for organizations to focus on knowledge coordination because the lack of coordination can dissuade them from meeting the demands for flexibility and speed during digital transformation, thereby negating the potential benefits from …


Responsible Hedge Funds, Hao Liang, Lin Sun, Song Wee Melvyn Teo Nov 2022

Responsible Hedge Funds, Hao Liang, Lin Sun, Song Wee Melvyn Teo

Research Collection Lee Kong Chian School Of Business

Hedge funds that endorse the United Nations Principles for Responsible Investment (PRI) underperform other hedge funds after adjusting for risk but attract greater investor flows, accumulate more assets, and harvest greater fee revenues. Consistent with an agency explanation, the underperformance is driven by PRI signatories with low environmental, social, and governance (ESG) exposures and is greater for hedge funds with poor incentive alignment. To address endogeneity, we exploit regulatory reforms that enhance stewardship and show that the ESG exposure and relative performance of signatory funds improve post reforms. Our findings suggest that some hedge funds endorse responsible investment to pander …


Towards Automated Safety Vetting Of Smart Contracts In Decentralized Applications, Yue Duan, Xin Zhao, Yu Pan, Shucheng Li, Minghao Li, Fengyuan Xu, Mu Zhang Nov 2022

Towards Automated Safety Vetting Of Smart Contracts In Decentralized Applications, Yue Duan, Xin Zhao, Yu Pan, Shucheng Li, Minghao Li, Fengyuan Xu, Mu Zhang

Research Collection School Of Computing and Information Systems

We propose VetSC, a novel UI-driven, program analysis guided model checking technique that can automatically extract contract semantics in DApps so as to enable targeted safety vetting. To facilitate model checking, we extract business model graphs from contract code that capture its intrinsic business and safety logic. To automatically determine what safety specifications to check, we retrieve textual semantics from DApp user interfaces. To exclude untrusted UI text, we also validate the UI-logic consistency and detect any discrepancies. We have implemented VetSC and applied it to 34 real-world DApps. Experiments have demonstrated that VetSC can accurately interpret smart contract code, …


Avoiding Bias In The Search For Implicit Bias, Wilson Cyrus-Lai, Warren Tierney, Christilene Du Plessis, My Nguyen, Michael Schaerer, Elena Giulia Clemente, Eric Luis Uhlmann Nov 2022

Avoiding Bias In The Search For Implicit Bias, Wilson Cyrus-Lai, Warren Tierney, Christilene Du Plessis, My Nguyen, Michael Schaerer, Elena Giulia Clemente, Eric Luis Uhlmann

Research Collection Lee Kong Chian School Of Business

To revitalize the study of unconscious bias, Gawronski, Ledgerwood, and Eastwick (this issue) propose a paradigm shift away from implicit measures of intergroup attitudes and beliefs. Specifically, researchers should capture discriminatory biases and demonstrate that participants are unaware of the influence of social category cues on their judgments and actions. Individual differences in scores on implicit measures will be useful to predict and better understand implicitly prejudiced behaviors, but the latter should be the collective focus of researchers interested in unconscious biases against social groups.


Social Performance Feedback And Firm Communication Strategy, Heli Wang, Ming Jia, Yi Xiang, Yang Lan Nov 2022

Social Performance Feedback And Firm Communication Strategy, Heli Wang, Ming Jia, Yi Xiang, Yang Lan

Research Collection Lee Kong Chian School Of Business

Although corporate social performance has become an important measure of firm performance, there is little understanding about how firms respond to social performance feedback and how impression management may function as an important firm response to the feedback. Building upon and extending the literature on the behavioral theory of the firm and the strategic use of language, we examine how discrepancies between firms’ social performance and their aspiration levels affect how firms use visual expressions in their CSR reports. In addition, we argue that the relationship between social performance discrepancies and the use of visual expressions in CSR reports is …


Is There A Strategic Organization In The Behavioral Theory Of The Firm? Looking Back And Looking Forward, Henrich R. Greve, Cyndi Man Zhang Nov 2022

Is There A Strategic Organization In The Behavioral Theory Of The Firm? Looking Back And Looking Forward, Henrich R. Greve, Cyndi Man Zhang

Research Collection Lee Kong Chian School Of Business

In the 20 years of Strategic Organization, how well has knowledge drawn from the behavioral theory of the firm contributed to the field of strategy? We see progress both in the pages of SO! and elsewhere in the field of strategy, but this progress has been held back by divisions between strategy and organization theory in what theories should predict, what mechanisms are preferable predictors, and what outcomes are of interest. Despite these divisions, the last few years have seen particularly rapid progress, turning the behavioral theory of the firm into one of multiple organization theory sources of strategy knowledge. …


Made In Singapore, Pao-Li Chang, Tran Bao Phuong Nguyen Oct 2022

Made In Singapore, Pao-Li Chang, Tran Bao Phuong Nguyen

Research Collection School Of Economics

In this paper, we characterize the position of Singapore in global value chains and identify Singapore’s key upstream and downstream trade partners. We trace how the position of Singapore in global value chains has changed in the past two decades: whether it has moved upstream or downstream, how involved it is in global value chains, how its trend compares with the other major Asian exporters (China, Japan, Korea, Taiwan and Hong Kong), and which key sectors of Singapore play a major role in these global trade networks.


Cfo Gaps: Determinants And Impact On The Corporate Information Environment, Xia Chen, Na Li, An-Ping Lin Oct 2022

Cfo Gaps: Determinants And Impact On The Corporate Information Environment, Xia Chen, Na Li, An-Ping Lin

Research Collection School Of Accountancy

A CFO gap arises when the CFO position is left vacant for a period between the departure of the old CFO and the appointment of a new CFO. We find that CFO gaps are fairly common; over the sample period 2004–2016, approximately one-third of CFO turnovers are associated with a CFO gap, lasting on average two quarters and two months. CFO gaps are more likely for firms that face more labor market search frictions and with financial reporting and performance issues, and are less likely for firms with succession plans and with greater growth opportunities. While CFO gaps are not …