Finance and Accounting Research Seminar with Professor Francesco Celentano
Department of Finance and Accounting
You are invited to attend a Department of Finance and Accounting Research Seminar with Professor Francesco Celentano, Université de Lausanne.
| An UEBS Department of Finance and Accounting seminar | |
|---|---|
| Speaker(s) | Professor Francesco Celentano |
| Date | 28 November 2023 |
| Time | 10:30 to 11:30 |
| Place | XFI Conference Room 1 Teams link available from Nena Yendell n.yendell@exeter.ac.uk |
Event details
Abstract
Title: "CEO Succession Planning".
Abstract:
"We document that CEO succession plans reduce CEO turnover costs and increase the speed of learning about CEO successors when these are internally promoted, and do not negatively affect firm performance. We incorporate these findings in a dynamic model featuring a board of directors learning over time about CEO ability and taking firing and plan adoption decisions. To rationalize the adoption rate, the model needs a large agency cost. The model also predicts that eliminating such cost would greatly increase shareholder value and that the main channel driving adoptions is the cost saving rather than the learning channel. "
https://sites.google.com/view/fcelentano
We are delighted to welcome Professor Francesco Celentano from Université de Lausanne to present a seminar, details of which are below.
Location:
XFI Conference Room 1
