NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The dark side of outside directors: Do they quit when they are most needed?

Rüdiger Fahlenbrach, Angie Low, René M. Stulz

NBER Working Paper No. 15917
Issued in April 2010

---- Acknowledgements -----

Fahlenbrach is Swiss Finance Institute Assistant Professor at Ecole Polytechnique Fédérale de Lausanne (EPFL). Low is Assistant Professor, Nanyang Business School, Nanyang Technological University, Singapore. Stulz is the Everett D. Reese Chair of Banking and Monetary Economics, Fisher College of Business, Ohio State University, and affiliated with NBER and ECGI. We thank Andy Kim and Helen Zhang for sharing with us their data on earnings restatements. Address correspondence to René M. Stulz, Fisher College of Business, The Ohio State University, 806 Fisher Hall, Columbus, OH 43210, stulz@cob.osu.edu. Fahlenbrach gratefully acknowledges financial support from the Swiss Finance Institute. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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