… in earnings guidance following both CEO and CFO turnovers. The breaks in guidance following
CEO turnovers … that the breaks in guidance following CFO turnovers extend beyond the …

… the impact of CFO turnovers on the issuance and precision of earnings … issue forecasts
regularly, earnings guidance is reduced in the quarters following the turnover, and that new CFOs …

… or announced a change of the CEO or CFO positions during the six months before the end
of the … Even after accounting for the earnings decline, we find that a firm is more likely to stop …

… turnovers to earnings performance is greater when earnings are more persistent. We also
show that among numerous earnings attributes, earnings … propose the following hypothesis in …

… turnover. In certain high-prole cases, top management, the chief nancial o±cer (CFO) and
outside auditors all lost their positions following the … We also examine the e®ect of an earnings …

… Consistent with our prediction, we find that CFO turnover is more likely when the firm misses
the consensus analyst forecast for more than three quarters in the prior year after we control …

… turnover, but not of voluntary turnover. Second, we examine whether earnings management
persists after … In the Internet Appendix we report additional tests of CFO turnover, and obtain …

… between the Chief Financial Officer (CFO) turnover and earnings … firms, the following findings
are reported: (1) CFO turnover is … of earnings management increases after a CFO turnover (…

… CEOs and CFOs in the form of bonus cuts, fewer equity grants, and forced turnover for the
… earnings benchmark after accounting for the impact of other correlated performance factors. …

… We identify CEOs following ExecuComp's classification (data item CEOANN=CEO). … CFO
and CEO cash pay and total pay are highly correlated (78% for cash pay and 72% for total pay). …