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If only I could sack you! Management turnover and performance in large German Banks between 1874 and 1913

  • Christian Bayer

    (Universität Dortmund)

  • Carsten Burhop

    (Universität Münster)

We analyze the relation of firm performance and managerial turnover in 19th century German banking by probit estimation. This period covers a major reform of corporate governance. Before the reform performance and turnover are unrelated, wheras after the reform more succesfull managers leave firms more seldom. However, only short run performance matters.

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File URL: http://econwpa.repec.org/eps/eh/papers/0502/0502006.pdf
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Paper provided by EconWPA in its series Economic History with number 0502006.

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Length: 9 pages
Date of creation: 14 Feb 2005
Date of revision:
Handle: RePEc:wpa:wuwpeh:0502006
Note: Type of Document - pdf; pages: 9
Contact details of provider: Web page: http://econwpa.repec.org

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  1. Conyon, Martin J, 1998. "Directors' Pay and Turnover: An Application to a Sample of Large UK Firms," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 60(4), pages 485-507, November.
  2. Kaplan, Steven N, 1994. "Top Executives, Turnover, and Firm Performance in Germany," Journal of Law, Economics and Organization, Oxford University Press, vol. 10(1), pages 142-59, April.
  3. Colin Mayer & Julian Franks, 2000. "Ownership and Control of German Corporations," Economics Series Working Papers 2001-FE-11, University of Oxford, Department of Economics.
  4. Carsten Burhop & Christian Bayer, 2004. "A Corporate Governance Reform As A Natural Experiment For Incentive Contracts," Royal Economic Society Annual Conference 2004 149, Royal Economic Society.
  5. Mark R. Huson, 2001. "Internal Monitoring Mechanisms and CEO Turnover: A Long-Term Perspective," Journal of Finance, American Finance Association, vol. 56(6), pages 2265-2297, December.
  6. Steven N. Kaplan, 1992. "Top Executive Rewards and Firm Performance: A Comparison of Japan and the U.S," NBER Working Papers 4065, National Bureau of Economic Research, Inc.
  7. Clifford G. Holderness & Randall S. Kroszner & Dennis P. Sheehan, 1999. "Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression," Journal of Finance, American Finance Association, vol. 54(2), pages 435-469, 04.
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