Does the Market Value CEO Styles?
研究投资者如何看待不同经历CEO的技能，发现市场对经济衰退期开始职业生涯的CEO任命有显著正面反应，且这种反应在替换非衰退CEO时更强，表明市场赋予这类CEO正向价值。
We study how investors perceive the skill set that different types of CEOs bring into their companies. We compare CEOs who started their careers during a recession with other CEOs. We show that the announcement return around the appointment of a recession CEO is very significant and positive, and this positive market reaction is driven by cases where a recession CEO replaces a non-recession CEO. Our results indicate that the market assigns a positive and economically meaningful value to a recession CEO, suggesting that there is a limited supply of these types of CEOs in the executive labor market.