The Limitations of Stock Market Efficiency: Price Informativeness and CEO Turnover

Gary B. Gorton, Lixin Huang, Qiang Kang

NBER Working Paper No. 14944
Issued in May 2009

---- Acknowledgements -----

We appreciate comments and suggestions from seminar participants at Georgia State University, University of Miami, and University of North Carolina at Charlotte. We thank Stephen Brown for sharing his quarterly PIN estimates and Dirk Jenter for sharing the CEO turnover data, developed by Jenter and Kanaan (2006). We also thank Bunyamin Onal for research assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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