NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Stephen Hansen

University of Oxford
Department of Economics
Manor Road Building
Manor Road
Oxford OX1 3UQ
United Kingdom

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NBER Working Papers and Publications

March 2017CEO Behavior and Firm Performance
with Oriana Bandiera, Andrea Prat, Raffaella Sadun: w23248
We measure the behavior of 1,114 CEOs in six countries parsing granular CEO diary data through an unsupervised machine learning algorithm. The algorithm uncovers two distinct behavioral types: “leaders” and “managers”. Leaders focus on multi-function, high-level meetings, while managers focus on one-to-one meetings with core functions. Firms with leader CEOs are on average more productive, and this difference arises only after the CEO is hired. The data is consistent with horizontal differentiation of CEO behavioral types, and firm-CEO matching frictions. We estimate that 17% of sample CEOs are mismatched, and that mismatches are associated with significant productivity losses.
March 2016Shocking Language: Understanding the Macroeconomic Effects of Central Bank Communication
with Michael McMahon
in NBER International Seminar on Macroeconomics 2015, Michael B. Devereux, Francesco Giavazzi, and Kenneth D. West, editors
 
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