No abstract

Average cumulative abnormal returns around proxy statements containing “in-depth” disclosures of planning for CEO succession are significantly positive indicating that succession planning is a value-added undertaking. Exploiting a quasi-natural experiment based on a 2009 SEC ruling that induced more succession planning disclosures, we find that succession planning is not value-adding for all firms. Rather, succession planning is value-enhancing for larger, more complex, and more stable firms. Importantly, CEO succession planning appears to be value reducing for smaller, simpler, and less stable firms.

No abstract

It is common to use the slope of Hall plot as a tool for monitoring changes in well injectivity. Loss of injectivity at a given well head pressure may relate to a build-up of reservoir pressure or a gradual build-up of skin. In this study, we focus on injectivity losses caused by the wellbore skin development. Based on actual field data, we had noted errors in detection of permeability losses when later profile surveys were consulted. Our objective of the study was to examine the problem and then introduce an improved analytical formulation for layered systems and assess the limitations and meaning of slope changes observed on the Hall plot for stacked reservoirs. For calibration purposes, we used both an extended analytical model and a simulation approach to demonstrate the weakness of the Hall Plot for multi-layered cases. In simulating the cases, we used a cumulative injection dependent function to model the permeability losses for a given layer in a stacked system, and examined the limitation of estimated slopes in regarding to indication of the location and extent of the damaged zones in a stacked reservoir for remediation measures. We included a case study to exemplify the situation.