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The Value of Independent Directors: Evidence from Sudden Deaths
2009
Social Science Research Network
We investigate the contributions of independent directors to shareholder value by examining the stock price reaction to an exogenous event: sudden deaths of directors. Compiling an extensive database of sudden deaths of directors in the U.S. from 1994 to 2007, we find that following the death of an independent director, the firm's stock price drops by almost 1% on average. For our control sample of inside and gray directors, we find no significant reaction to such events. The difference in
doi:10.2139/ssrn.1363832
fatcat:mafztswnbzeutcbragorzu7hiu