TY  - RPRT
        AU  - Borgschulte, Mark
AU  - Guenzel, Marius
AU  - Liu, Canyao
AU  - Malmendier, Ulrike
        TI  - CEO Stress, Aging, and Death
        PY  - 2023/Aug/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 16366
        UR  - https://www.iza.org/publications/dp16366
        AB  - We assess the long-term effects of managerial stress on aging and mortality. First, we show that exposure to industry distress shocks during the Great Recession produces visible signs of aging in CEOs. Applying neural-network based machine-learning techniques to pre- and post-distress pictures, we estimate an increase in so-called apparent age by one year. Second, 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 anti-takeover laws insulate CEOs from market discipline. The estimated health costs are significant, also relative to other known health risks.

        KW  - managerial stress
KW  - life expectancy
KW  - apparent-age estimation
KW  - job demands
KW  - industry distress
KW  - visual machine-learning
KW  - corporate governance
        ER  -