| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10985 |
| DP10985 How costly is corporate bankruptcy for the CEO? | |
| B Espen Eckbo; Karin S. Thorburn | |
| 发表日期 | 2015-12-13 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We examine CEO career and compensation changes for firms filing for Chapter 11. One-third of the incumbent CEOs maintain executive employment, and these CEOs experience a median compensation change of zero. However, incumbent CEOs leaving the executive labor market suffer a compensation loss with a median present value until age 65 of $7 million (five times pre-departure compensation). The likelihood of leaving decreases with profitability and CEO share ownership. Furthermore, creditor control rights during bankruptcy (through debtor-in-possession financing and large trade credits) appear to effect CEO career change. Despite large equity losses (median $11 million for incumbents who stay until filing), the median incumbent does not reduce his stock ownership as the firm approaches bankruptcy. |
| 主题 | Financial Economics |
| 关键词 | Career change Ceo compensation Labor market capital Personal bankruptcy costs Turnover Wealth loss |
| URL | https://cepr.org/publications/dp10985 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539814 |
| 推荐引用方式 GB/T 7714 | B Espen Eckbo,Karin S. Thorburn. DP10985 How costly is corporate bankruptcy for the CEO?. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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