What happens to CEOs after they retire? New evidence on career concerns, horizon problems, and CEO incentives
发现CEO退休后能否留在原公司董事会或担任其他公司外部董事，与其任期内业绩（股票回报和会计回报）密切相关，揭示了退休后董事会服务这一新的激励来源。
This paper provides evidence on a previously unidentified source of managerial incentives: concerns about post-retirement board service. Both the likelihood that a retired CEO serves on his own board two years after departure, as well as the likelihood of serving as an outside director on other boards, are positively and strongly related to his performance while CEO. Retention on the CEO's own board depends primarily on stock returns, while service on outside boards is better explained by accounting returns. The evidence also suggests that firms consider ability in choosing board members.