Monitoring managers: Does it matter?
Cornelli, F., Kominek, Z., & Ljungqvist, A. (2013)
Journal of Finance, 68(2), 431-481
Detailed board data for a large sample of PE-backed firms. Soft information lets boards learn CEO ability and avoid firing for bad luck; establishes a causal link between forced CEO turnover and performance improvement.
Sourcedoi:10.1111/jofi.12004230 citations (OpenAlex)