| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14140 |
| 来源ID | Working Paper 14140 |
| Superstar CEOs | |
| Ulrike Malmendier; Geoffrey Tate | |
| 发表日期 | 2008-06-27 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Compensation, status, and press coverage of managers in the U.S. follow a highly skewed distribution: a small number of 'superstars' enjoy the bulk of the rewards. We evaluate the impact of CEOs achieving superstar status on the performance of their firms, using prestigious business awards to measure shocks to CEO status. We find that award-winning CEOs subsequently underperform, both relative to their prior performance and relative to a matched sample of non-winning CEOs. At the same time, they extract more compensation following the award, both in absolute amounts and relative to other top executives in their firms. They also spend more time on public and private activities outside their companies, such as assuming board seats or writing books. The incidence of earnings management increases after winning awards. The effects are strongest in firms with weak governance, even though the frequency of obtaining superstar status is independent of corporate governance. Our results suggest that the ex-post consequences of media-induced superstar status for shareholders are negative. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Financial Markets ; Corporate Finance ; Labor Economics ; Labor Compensation ; Other ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w14140 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571815 |
| 推荐引用方式 GB/T 7714 | Ulrike Malmendier,Geoffrey Tate. Superstar CEOs. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14140.pdf（379KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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