Shaped by Booms and Busts: How the Economy Impacts CEO Careers and Management Styles
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We appreciate the helpful comments of Joshua Anderson, Philip Berger, Qi Chen, Jess Cornaggia, Francesca Cornelli, Sudipto Dasgupta, Mei Feng, Robert Gibbons, Dirk Jenter, Bin Ke, Leonid Kogan, Camelia Kuhnen, Masatoshi Kurusu, Jing Liu, Evgeny Lyandres, Mark Maffett, Randall Morck, Sendhil Mullainathan, Kasper Meisner Nielsen, Dimitris Papanikolaou, Francisco Pérez-González, Morten Sorensen, T.J. Wong, Bernard Yeung, Weining Zhang, and seminar participants at Cheung Kong Graduate School of Business, the Massachusetts Institute of Technology, Xi’an Jiaotong University, the NBER Corporate Finance Meeting, the 2012 Western Finance Association Annual Meeting, the 2012 IZA Workshop on Economics of Leadership, the 2012 American Accounting Association Annual Meeting, the 2013 China International Conference in Finance, the 2013 MIT Asia Conference in Accounting, the 2014 Tsinghua International Corporate Governance Conference, and the 2016 American Economic Association Annual Meeting. We acknowledge financial support from the MIT Sloan School of Management. Luo Zuo is also grateful for financial support from Cornell University and the Deloitte Foundation. Selva Swetha Ayyampalayam Rajeswaran, Sharon Bureau, Kate Gordon, Edan Krolewicz, and Cynthia Wang provided outstanding research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.