CEO Stress, Aging, and Death
Ulrike M. Malmendier,
Marius Guenzel and
No 14933, CEPR Discussion Papers from C.E.P.R. Discussion Papers
We estimate the long-term effects of experiencing high levels of job demands on the mortality and aging of CEOs. The estimation exploits variation in takeover protection and industry crises. First, using hand-collected data on the dates of birth and death for 1,605 CEOs of large, publicly-listed U.S. firms, we estimate the resulting changes in mortality. The hazard estimates indicate that CEOsâ€™ lifespan increases by two years when insulated from market discipline via anti-takeover laws, and decreases by 1.5 years in response to an industry-wide downturn. Second, we apply neural-network based machine-learning techniques to assess visible signs of aging in pictures of CEOs. We estimate that exposure to a distress shock during the Great Recession increases CEOsâ€™ apparent age by one year over the next decade. Our findings imply significant health costs of managerial stress, also relative to known health risks.
Keywords: Managerial stress; Job demands; Life expectancy; Apparent-age estimation; Industry distress; Visual machine-learning; Corporate governance (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age, nep-dem, nep-hea, nep-his and nep-hrm
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Working Paper: CEO Stress, Aging, and Death (2021)
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