---- Acknowledgements -----
For helpful comments, we are grateful to Alma Cohen, Will Goetzmann, Yaniv Grinstein, Steve Kaplan, Paul Oyer, Charu Raheja, Eric Rasmusen, and seminar and conference participants at Amsterdam, Columbia, Frankfurt, Harvard, INSEAD, Oslo, the NYU-Penn Law & Finance conference, the annual Stern Conference of Finance and Accounting, the Conference on Empirical Legal Studies, and the ALEA annual meeting. We are also grateful to Dirk Jenter for sharing with us his data on CEO turnover and to Ronald Masulis for sharing with us his data on acquirer returns. For financial support, we would like to thank the Guggenheim Foundation, the John M. Olin Center for Law, Economics, and Business, and the Harvard Law School Program on Corporate Governance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.