Firm characteristics and CEO AGE are measured at the fiscal year end prior to the
end of class period date. Similar to prior studies such as Strahan (1998) and Niehaus
and Roth (1999), CEO AGE is incorporated in the model. Leverage (LEV) is included in
the model consistent with the probability of CEO turnover being higher when firms are
in financial distress (Gilson, 1989). Finally, ROA is included in the model to control for
firm performance consistent with Hennes et al. (2008).