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Shaped by Booms and Busts: How the Economy Impacts CEO Careers and Management Styles

  • Antoinette Schoar
  • Luo Zuo

Economic conditions when CEOs enter the labor market have a lasting impact on their career paths and managerial styles. Managers who begin their careers during a recession become CEOs more quickly, but at smaller firms. Recession CEOs also display a more conservative style, with less investment in capex and R&D, more cost cutting, and lower leverage, working capital needs, sales growth, and stock return volatility. The career effects appear to be driven by differences in these CEOs’ first jobs, and suggest that the early work environment is important to the formation and selection of managers.

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File URL: http://www.nber.org/papers/w17590.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17590.

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Date of creation: Nov 2011
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Handle: RePEc:nbr:nberwo:17590
Note: CF
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  1. Carola Frydman & Dirk Jenter, 2010. "CEO Compensation," NBER Working Papers 16585, National Bureau of Economic Research, Inc.
  2. Kevin J. Murphy & Jan Zabojnik, 2006. "Managerial Capital and the Market for CEOs," Working Papers 1110, Queen's University, Department of Economics.
  3. Ulrike Malmendier & Stefan Nagel, 2011. "Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?," The Quarterly Journal of Economics, Oxford University Press, vol. 126(1), pages 373-416.
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