A study of the results of separating the chair and CEO roles in Swiss companies by professors Markus M. Schmid and Heinz Zimmermann from the University of Basel reached similar conclusions: «We find no evidence of a systematic and
significant difference in
valuation between firms with combined and firms with separated functions.»
This gives rise to the all - important question: does one's entry level into the market, i.e. the
valuation of the market at the time of investing, make a
significant difference to subsequent investment returns?