FIRM FAILURE AND MANAGERIAL LABOR-MARKETS - EVIDENCE FROM TEXAS BANKING
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We study the managerial labor market's ability to discriminate between good and bad managerial performance. Using a sample of failed and nonfailed Texas banks, we find that the context of job loss affects the manager's ability to regain comparable employment. Managers associated with banks that failed for reasons arguably beyond the managers' control were twice as likely to regain comparable banking posts as managers at other failed banks. We also detect a relation between the probability of post-failure reemployment and a manager's rank within the firm and to proxies for managerial self-dealing and competence. 1995.
JOURNAL OF FINANCIAL ECONOMICS
author list (cited authors)
CANNELLA, A. A., FRASER, D. R., & LEE, D. S.
complete list of authors
CANNELLA, AA||FRASER, DR||LEE, DS