Shining Brighter Than The Stars? Corporate Evidence on Competing with Superstars

Item Type Conference or Workshop Item (Paper)
Abstract

This paper investigates the effect of superstar CEOs on their competitors.
Exploiting shocks to CEO status due to awards provided by major media outlets,
we document a significant outperformance of competitors of superstar CEOs to a
control sample of competitors of observationally equivalent CEOs who do not win
an award. We observe an increase in risk-taking of superstar competitors
subsequent to the award and identify an increase in innovation activity as a
channel of the increased risk-taking. Our empirical identification strategy uses
matching techniques to ensure that our treatment and control samples behave very
similarly prior to the CEO award, alleviating endogeneity concerns and
supporting a causal interpretation of our results.

Authors Ammann, Manuel; Horsch, Philipp & Oesch, David
Language English
Keywords CEO awards, competition, firm performance, innovation
Subjects business studies
Institute/School s/bf - Swiss Institute of Banking and Finance
SoF - School of Finance
HSG Classification contribution to scientific community
Refereed No
Date 29 August 2013
Publisher EFA European Finance Association
Place of Publication Brüssel, Belgium
Page Range 60
Title of Book EFA 2013
Event Title 40th Annual Conference of the European Finance Association
Event Location Cambridge UK
Depositing User David Oesch
Date Deposited 03 Sep 2013 12:50
Last Modified 23 Aug 2016 11:17
URI: https://www.alexandria.unisg.ch/publications/225383

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Citation

Ammann, Manuel; Horsch, Philipp & Oesch, David: Shining Brighter Than The Stars? Corporate Evidence on Competing with Superstars. 2013. - 40th Annual Conference of the European Finance Association. - Cambridge UK.

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https://www.alexandria.unisg.ch/id/eprint/225383
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