摘要: This study provides evidence suggesting that CEOs’ physical fitness has a positive impact on firm value, consistent with the beneficial effects of on, e.g., cognitive functions, stress coping and job performance. For each years 2001 to 2011, we define S&P 1500 CEOs as fit if they finish marathon. CEO is also associated higher profitability M&A announcement returns. Our identification strategy includes CEO-firm fixed effects, instrumental variables, permutation tests, random time-varying CEO, industry effects. An additional analysis sudden deaths, based measure not limited running, confirms our results.
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