Competing with Superstars
研究超级明星CEO对竞争对手的影响，发现竞争对手在CEO获奖后股价表现更好，且更敢于冒险、运营和创新表现提升，表明超级明星体系有正向激励作用。
This paper investigates the effect of superstar chief executive officers (CEOs) on their competitors. Exploiting shocks to CEO status due to prestigious media awards, we document a significant positive stock market performance of competitors of superstar CEOs subsequent to the award. The effect is more pronounced for competitors who have not received an award themselves, who are geographically close to an award winner, and who are not entrenched. We observe an increase in risk taking, operating performance, and innovation activity of superstars’ competitors as potential channels for this positive performance. Our results suggest a positive overall welfare impact of corporate superstar systems due to the incentivizing effect on superstars’ competitors. This paper was accepted by Wei Jiang, finance.