@techreport{2c94456e52cd4fb8bb1574acd4232004,
title = "CEO Stress, Aging, and Death",
abstract = "We estimate the long-term effects of experiencing high levels of job demands on the mortality and aging of CEOs. The estimation exploits variation in takeover protection and industry crises. First, using hand-collected data on the dates of birth and death for 1,605 CEOs of large, publicly-listed U.S. firms, we estimate the resulting changes in mortality. The hazard estimates indicate that CEOs{\textquoteright} lifespan increases by two years when insulated from market discipline via anti-takeover laws, and decreases by 1.5 years in response to an industry-wide downturn. Second, we apply neural-network based machine-learning techniques to assess visible signs of aging in pictures of CEOs. We estimate that exposure to a distress shock during the Great Recession increases CEOs{\textquoteright} apparent age by one year over the next decade. Our findings imply significant health costs of managerial stress, also relative to known health risks.",
author = "Mark Borgschulte and Marius Guenzel and Canyao Liu and Ulrike Malmendier",
year = "2021",
month = mar,
doi = "10.3386/w28550",
language = "English (US)",
series = "NBER Working Paper Series",
publisher = "National Bureau of Economic Research",
number = "28550",
type = "WorkingPaper",
institution = "National Bureau of Economic Research",
}