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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. CEOs who start their careers in recessions take less time to become CEOs, but lead smaller firms once they do. Recession CEOs also display more conservative styles: less investment in capex and R&D, more cost cutting, lower leverage and working capital needs, less aggressive tax avoidance, and lower stock return volatility. These career effects appear to be driven by distortions in the initial job allocation during recession times, and suggest that the early work environment is an important factor in the formation 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," CESifo Working Paper Series 3277, CESifo Group Munich.
  2. 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.
  3. Kevin J. Murphy & Jan Zabojnik, 2006. "Managerial Capital and the Market for CEOs," Working Papers 1110, Queen's University, Department of Economics.
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