NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Luo Zuo

Contact and additional information for this authorAll papers and publicationsWorking Papers onlyWorking Papers with publication info

Working Papers

November 2011Shaped by Booms and Busts: How the Economy Impacts CEO Careers and Management Styles
with Antoinette Schoar: w17590
We show that economic conditions when CEOs enter the labor market have lasting impact on their career paths and managerial styles. Recession CEOs take less time to become CEOs, but manage smaller firms, receive lower compensation, and move less across firms and industries. They also display more conservative styles: lower capital expenditures and R&D, less leverage, more diversification and lower overheads. These results do not seem to be driven by ex ante selection but by their labor-market experience. Recession experience at the time of labor force entry rather than during childhood explains most of the variation in management styles.

Contact and additional information for this authorAll papers and publicationsWorking Papers onlyWorking Papers with publication info

 
Publications
Activities
Meetings
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us