CEO Stress, Aging, and Death

• 成果类型: Article; Early Access
• 署名作者: Borgschulte, Mark; Guenzel, Marius; Liu, Canyao; Malmendier, Ulrike
• 署名单位: University of Illinois System; University of Illinois Urbana-Champaign; IZA Institute Labor Economics; University of Pennsylvania; University of California System; University of California Berkeley; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13497
• 发表日期: 2025
• 关键词: recessions good; LIFE; mortality; HEALTH; AGE; association; distress; turnover; benefits; outcomes

摘要

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.