… former CEOs as directors after they step down as CEOs. We find that more successful and
more powerful former CEOs … down as CEOs. Firms benefit, on average, from the presence of …

… Firms with former CEO directors have better accounting … CEO, and can rehire their former
CEO directors as CEOs after extremely poor firm performance under the successor CEOs. …

… former CEOs as directors having a continuing impact on their firms’ decisions. The tenure of
their successor is shorter if the former CEO … to change CEOs quickly, former CEOs are willing …

… the former CEOs’ legacy and, thus, to represent an important opportunity for outside directors
… problematic for the former CEOs' legacies, because many firms have resources that should …

… are losing power to their boards of directors and to their shareholders. … Beyond identifying
this power decline as an important … any documentation on their assets or asset values, the flow …

… Third, we investigate whether the level of executive compensation or the level of director …
who is not forced out of the job) is, if anything, seen as a loss of a valuable resource by …

… to a board of directors after their tenure as CEO has ended. In … directorships for CEOs can
increase firm value. This has … Former CEOs are often seen as an asset due to their unique …

… when outside directors deviate from these value-maximizing … We argue that if outside directors
emulate CEOs’ selling and … to terminate the CEO when in fact the previous CEO had been …

… important to note that we only study cases in which director–… on assets (ROA)) and that only
8% of director–CEO appointments … , we observe that 19% of director–CEOs have prior CEO …

… We limit our sample to executives who have their … groups of CEOs hired from outside
the firm; CEOs hired from … is the market value of assets divided by book value of assets, …