压力、衰老和死亡

IF 9.5 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2025-10-07 DOI:10.1111/jofi.13497

MARK BORGSCHULTE, MARIUS GUENZEL, CANYAO LIU, ULRIKE MALMENDIER

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引用次数: 0

摘要

我们评估了管理压力对老龄化和死亡率的长期影响。采用差异中差异设计，我们将基于神经网络的机器学习技术应用于ceo的面部图像，并表明在大衰退期间遭受行业困境冲击会产生明显的衰老迹象。我们估计“表观”年龄增加了一岁。此外，使用自20世纪70年代中期以来的ceo数据，我们估计，在行业不景气冲击后，预期寿命会减少1.1年，但当反收购法律使ceo免受市场约束时，预期寿命会增加两年。估计的卫生费用无论从绝对值还是相对于其他健康风险而言都是巨大的。

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CEO Stress, Aging, and Death

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.

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.