CEOs and Earnings Restatements

A new study shows that CEOs at one-half the firms that go through earnings restatements, lose their jobs.  (new article in Academay of Managment Journal).  The results show limited accountability. This means that one-half keep their jobs.  Moreover, the one-half that lose their jobs often get fat severance checks.  Some of the checks are so fat one wonders whether the CEO didn't have an interest in triggering the severance event ("Tell the auditor to find something we need to restate...")