Winners and losers of corporate tournaments
研究企业锦标赛中，CEO晋升竞争结束后，落选董事的离职率和薪酬变化，发现落选者离职概率显著上升，留下的董事薪酬则有所增加。
In a corporate tournament, executive directors are motivated by the prospect of promotion to CEO, with winners receiving large increases in remuneration. Tournament losers by contrast face a discrete loss in their valuation of their position, since the prospect of them becoming CEO is substantially reduced. We argue that this offers an opportunity to test the predictions of tournament theory by observing the quit behaviour and the wages of the losing directors. We find a sharp increase in the likelihood that directors leave the firm when the tournament ends. The directors who remain receive an increase in their remuneration following a rival's promotion.