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poor relative to the business common, total industry performance also issues. This seems puzzling if termination is disciplinary, however, we present that each absolute and relative performance-pushed turnover can be pure and efficient outcomes in a aggressive assignment mannequin by which Badass version vintage butterfly leather pattern all over print tote bagCEOs and firms type matches primarily based on a number of characteristics. The mannequin additionally has new predictions about replacement managers’ equilibrium pay and efficiency. We doc CEO turnover events during and provide empirical support for our mannequin. We discover that the likelihood of pressured turnover within the CEO and CFO positions is considerably greater for firms in the aftermath of choice backdating than in propensity-score matched control companies. Forced turnover occurs in about 36 % of the accused companies. The pressured turnover charges for CEOs and CFOs are comparable and several other times higher than normal. The displaced managers are further punished by the managerial labor market, as they are much less probably than control agency managers to be rehired at comparable positions. We additionally discover that backdating corporations

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