CEO Stress, Aging, and Death

Abstract

We assess the long‐term effects of managerial stress on aging and mortality. Using a difference‐in‐differences design, we apply neural network–based machine‐learning techniques to CEOs' facial images and show that exposure to industry distress shocks during the Great Recession produces visible signs of aging. We estimate a one‐year increase in “apparent” age. Moreover, using data on CEOs since the mid‐1970s, we estimate a 1.1‐year decrease in life expectancy after an industry distress shock, but a two‐year increase when antitakeover laws insulate CEOs from market discipline. The estimated health costs are significant, both in absolute terms and relative to other health risks.