The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Learning About CEO Ability and Stock Return Volatility
Abstract
Consistent with predictions from a stylized Bayesian learning model stock return volatility declines with CEO tenure in a convex manner, even for CEOs whose appointments occur for exogenous reasons. The decline is faster when there is higher uncertainty about the CEO's ability when there is more transparency about the firm's prospects, and when CEO ability is more important in value creation. We quantify the importance of uncertainty about CEO ability relative to the firm's fundamental cash flow uncertainty in contributing to stock return volatility, highlighting the importance of management in creating value.
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Cites
Managerial Incentive Problems: A Dynamic Perspective
Holmstrom, B. (1999) · Review of Economic Studies · doi:10.1111/1467-937x.00083 · Cited by 3,172
Mutual Fund Flows and Performance in Rational Markets
Berk, J. B., & Green, R. C. (2004) · Journal of Political Economy · doi:10.1086/424739 · Cited by 2,083
Cited by
Corporate Governance and Long-Run Risk Premia
Ekponon, A. (2025) · SSRN Electronic Journal · doi:10.2139/ssrn.5527788
Metadata
- Authors
- Pan, Y., Wang, T. Y., & Weisbach, M. S.
- Venue
- The Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2015-02-11
- Volume
- 28
- Issue
- 6
- Pages
- 1623-1666
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3123046407
- Cited by
- 191
- References
- 2
- FWCI
- 69.26
- Type
- journal article
- Language
- en
- Open access
- closed
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- Pan, Y., Wang, T. Y., & Weisbach, M. S. (2015). Learning About CEO Ability and Stock Return Volatility. The Review of Financial Studies. https://doi.org/10.1093/rfs/hhv014
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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