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Ceo Succession Processes And Agency Costs, Zeynep Ayca Altintig
Ceo Succession Processes And Agency Costs, Zeynep Ayca Altintig
LSU Doctoral Dissertations
In the 'passing the baton' succession process, the incumbent CEO/Chairman relinquishes the CEO title, but retains the Chairman title to facilitate monitoring the new CEO during a probationary period. The new CEO eventually wins the Chairman title if he is successful during the probationary period. We argue that this type of succession process can lead to managerial conformism and conservatism because reputation concerns give the retiring CEO incentives to pressure the new CEO to continue existing policies and to avoid making major changes that could substantially improve performance or increase firm value. Consistent with this hypothesis, we find no changes …
The Trading Volume Trend, Investor Sentiment, And Stock Returns, Yung-Chou Lei
The Trading Volume Trend, Investor Sentiment, And Stock Returns, Yung-Chou Lei
LSU Doctoral Dissertations
This dissertation relates the information contained in past trading volume to investor sentiment, and investigates its ability in predicting stock returns. Investor sentiment here refers to the enthusiasm of irrational investors on an asset, relative to that of rational investors. Motivated by Baker and Stein (2004) that an increase in trading volume reflects a rise in investor sentiment, I use the change in trading volume per unit of time, referring it as the trading volume trend, as a measure of investor sentiment on individual stocks. I document a negative and significant cross-sectional relation between the trading volume trend and stock …