REVIEW OF FINANCE · VOL.21, ISSUE. 3 · MAY 2017

CEO年龄和股票价格崩盘风险

作者：Panayiotis C. Andreou (Durham University), Christodoulos Louca (Durham University), Andreas P. Petrou (Cyprus University of Technology)

摘要：我们的研究表明，公司CEO越年轻越有可能遭遇股价崩盘，包括关于持续增长中断的消息所引发的崩盘。崩盘之前，公司盈利的一连串增长往往伴随着CEO薪酬的大幅增加，并且薪酬的增加不会因为股价崩盘而消散。以上研究结果表明，CEO有隐藏事业早期坏消息的财务动机，从而增加了未来崩盘的风险。在管理自主权存在的情况下，CEO年龄的负面影响是最大的。总体而言，研究结果突出了CEO年龄对于企业政策和产出的重要性。

CEO Age and Stock Price Crash Risk

Panayiotis C. Andreou (Durham University), Christodoulos Louca (Durham University), Andreas P. Petrou (Cyprus University of Technology)

ABSTRACT

We show that firms with younger CEOs are more likely to experience stock price crashes, including crashes caused by revelation of negative news in the form of breaks in strings of consecutive earnings increases. Such strings are accompanied by large increases in CEO compensation that do not dissipate with crashes. These findings suggest that CEOs have financial incentives to hoard bad news earlier in their career, which increases future crashes. This negative impact of CEO age effect is strongest in the presence of managerial discretion. Overall, the findings highlight the importance of CEO age for firm policies and outcomes.

原文链接：https://academic.oup.com/rof/article-abstract/21/3/1287/2444586/CEO-Age-and-Stock-Price-Crash-Risk?redirectedFrom=fulltext

翻译：陈然