We estimate the long-term results of experiencing excessive ranges of job calls for on the mortality and getting old of CEOs. The estimation exploits variation in takeover safety and {industry} crises. First, utilizing hand-collected information on the dates of start and loss of life for 1,605 CEOs of huge, publicly-listed U.S. corporations, we estimate the ensuing modifications in mortality. The hazard estimates point out that CEOs’ lifespan will increase by two years when insulated from market self-discipline through anti-takeover legal guidelines, and reduces by 1.5 years in response to an industry-wide downturn. Second, we apply neural-network based mostly machine-learning strategies to evaluate seen indicators of getting old in footage of CEOs. We estimate that publicity to a misery shock throughout the Nice Recession will increase CEOs’ obvious age by one 12 months over the subsequent decade. Our findings indicate vital well being prices of managerial stress, additionally relative to identified well being dangers.

That’s from a new NBER working paper by Mark Borgschulte, Marius Guenzel, Canyao Liu, and Ulrike Malmendier.


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