The Burden of Celebrity: the Impact of Ceo Certification Contests on Ceo Pay and Performance
研究了《金融世界》杂志“年度CEO”认证竞赛对CEO薪酬和公司绩效的影响，发现认证CEO在高绩效时薪酬更高，低绩效时薪酬更低，且认证虽短期带来正收益，但长期影响为负。
We used the results from Financial World's widely publicized certification contest, CEO of the Year, to investigate the impact of such contests on firm performance and executive compensation. A certification contest ranks actors on performance criteria that key stakeholders accept as credible and legitimate. We found that certified CEOs received higher compensation than noncertified CEOs when performance was high but lower remuneration when performance was poor. Although certifications generate positive abnormal returns when they are first announced, the longer-term impact of CEO certifications appears to be negative.