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CEO Stress, Aging, and Death

Mark Borgschulte (), Marius Guenzel (), Canyao Liu () and Ulrike Malmendier ()
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Mark Borgschulte: University of Illinois at Urbana-Champaign
Marius Guenzel: Wharton School, University of Pennsylvania
Canyao Liu: Yale University
Ulrike Malmendier: University of California, Berkeley

No 16366, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: We assess the long-term effects of managerial stress on aging and mortality. First, we show that exposure to industry distress shocks during the Great Recession produces visible signs of aging in CEOs. Applying neural-network based machine-learning techniques to pre- and post-distress pictures, we estimate an increase in so-called apparent age by one year. Second, using data on CEOs since the mid-1970s, we estimate a 1.1-year decrease in life expectancy after an industry distress shock, but a two-year increase when anti-takeover laws insulate CEOs from market discipline. The estimated health costs are significant, also relative to other known health risks.

Keywords: managerial stress; life expectancy; apparent-age estimation; job demands; industry distress; visual machine-learning; corporate governance (search for similar items in EconPapers)
JEL-codes: G34 I12 M12 (search for similar items in EconPapers)
Pages: 103 pages
Date: 2023-08
New Economics Papers: this item is included in nep-age, nep-big, nep-cfn, nep-cmp, nep-dem, nep-his and nep-lab
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