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CEO Stress, Aging, and Death

Author

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  • MARK BORGSCHULTE
  • MARIUS GUENZEL
  • CANYAO LIU
  • ULRIKE MALMENDIER

Abstract

We assess the long‐term effects of managerial stress on aging and mortality. Using a difference‐in‐differences design, we apply neural network–based machine‐learning techniques to CEOs' facial images and show that exposure to industry distress shocks during the Great Recession produces visible signs of aging. We estimate a one‐year increase in “apparent” age. Moreover, 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 antitakeover laws insulate CEOs from market discipline. The estimated health costs are significant, both in absolute terms and relative to other health risks.

Suggested Citation

  • Mark Borgschulte & Marius Guenzel & Canyao Liu & Ulrike Malmendier, 2025. "CEO Stress, Aging, and Death," Journal of Finance, American Finance Association, vol. 80(6), pages 3401-3442, December.
    • Handle: RePEc:bla:jfinan:v:80:y:2025:i:6:p:3401-3442
    DOI: 10.1111/jofi.13497
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    Cited by:

    1. is not listed on IDEAS
    2. Sumit Agarwal & Slava Mikhed & Barry Scholnick & Man Zhang, 2022. "Reducing Strategic Default in a Financial Crisis," Working Papers 21-36, Federal Reserve Bank of Philadelphia.

    More about this item

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G3 - Financial Economics - - Corporate Finance and Governance
    • I10 - Health, Education, and Welfare - - Health - - - General
    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General

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