Lawyer CEOs
研究发现，拥有法律背景的CEO能降低公司在雇佣、合同、劳动、人身伤害和证券诉讼方面的频率和严重性，部分通过管理诉讼风险和减少高风险政策实现，且在监管压力大或诉讼风险高的行业更有价值。
Abstract We study when CEOs with legal expertise are valuable for firms. In general, lawyer CEOs are negatively associated with frequency and severity in employment civil rights, contract, labor, personal injury, and securities litigation. This effect is partly induced by the CEO’s management of litigation risk and reduction in other risky policies. Lawyer CEOs are further associated with an increase in gatekeepers providing additional legal oversight and a decrease in innovative activities with high litigation risk. Lawyer CEOs are more valuable during periods of enhanced compliance requirements and regulatory pressure and in industries with high litigation risk or better growth opportunities.