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HAVE THERE BEEN ANY SURPRISE DEPARTURES FROM THE BOD BY INDEPENDENT BOD MEMBERS


The first question is are any members of the BOD actually independent. Frankly, I don't know. But if there are any that leave for surprising reasons it sends a negative signal.

The paper at the link below discusses such events and their implications.

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1585192




Following surprise independent director departures, affected firms have worse stock and operating performance, are more likely to restate earnings, face shareholder litigation, suffer from an extreme negative return event, and make worse mergers and acquisitions. The announcement returns to surprise director departures are negative, suggesting that the market infers bad news from surprise departures.We use exogenous variation in independent director departures triggered by director deaths to test whether surprise independent director departures cause these negative outcomes or whether an anticipation of negative outcomes is responsible for the surprise director departure. Our evidence is more consistent with the latter.

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