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Are Executives in Short Supply? Evidence from Deaths' Events

Julien Sauvagnat and Fabiano Schivardi ()

No 2010, EIEF Working Papers Series from Einaudi Institute for Economics and Finance (EIEF)

Abstract: Using exhaustive administrative data on Italian social security records, we construct measures of local labor market tightness for executives that vary by industry and location. We then show that firm performance is negatively affected by executives death, but only in thin local labor markets. Death events are followed by an increase in the separation rate for the other executives, in particular for those with a college degree. Consistent with the hypothesis that the drop in performance is due to executives' short supply, we find that after a death event executives wages in other firms increase, but only in thin markets.

Pages: 48 pages
Date: 2020, Revised 2020-05
New Economics Papers: this item is included in nep-eur
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