| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14933 |
| DP14933 CEO Stress, Aging, and Death | |
| Mark Borgschulte; Marius Guenzel; Canyao Liu; Ulrike M. Malmendier | |
| 发表日期 | 2020-06-24 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We show that increased job demands due to takeover threats and industry crises have significant adverse consequences for managers’ long-term health. Using hand-collected data on the dates of birth and death for more than 1,600 CEOs of large, publicly listed U.S. firms, we estimate that CEOs’ lifespan increases by around two years when insulated from market discipline via anti-takeover laws. CEOs also stay on the job longer, with no evidence of a compensating differential in the form of lower pay. In a second analysis, we find diminished longevity arising from increases in job demands caused by industry-wide downturns during a CEO’s tenure. Finally, we utilize machine-learning age-estimation methods to detect visible signs of aging in pictures of CEOs. We estimate that exposure to a distress shock during the Great Recession increases CEOs’ apparent age by roughly one year over the next decade. |
| 主题 | Financial Economics |
| URL | https://cepr.org/publications/dp14933 |
| 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/543877 |
| 推荐引用方式 GB/T 7714 | Mark Borgschulte,Marius Guenzel,Canyao Liu,et al. DP14933 CEO Stress, Aging, and Death. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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