aut.event.place	RH1113 Meeting Room, Rutherford House, 23 Lambton Quay, Wellington (Pipitea Campus), School of Economics and Finance, Victoria University of Wellington
aut.event.targetaudience	Finance scholars
aut.researcher	Cimerova, Helena
dc.contributor.author	Cimerova, H
dc.date.accessioned	2014-05-06T10:58:02Z
dc.date.accessioned	2014-05-06T10:58:43Z
dc.date.available	2014-05-06T10:58:02Z
dc.date.available	2014-05-06T10:58:43Z
dc.date.copyright	2014-05-02
dc.date.issued	2014-05-02
dc.description.abstract	We study the effects of job market conditions at the start of future CEOs' careers. We find no evidence of persistent rewards for US public firms' CEOs for starting their career in more successful firms, or for the luck of entering the job market in a good economy. Rather, we show that long-term effects are countercyclical as those executives who start their careers in a recession earn a higher CEO pay, consistent with selection. We also find that initial job conditions may yield a higher first CEO compensation but the positive effect dissipates over time. While related labor market research points to procyclical cohort effects and suggests that favorable initial conditions positively affect careers in the long run, our findings support the notion that the market for CEOs is efficient.
dc.format.extent	90 min
dc.identifier.citation	Presented at the 2014 New Zealand Finance Colloquium held at the Faculty of Business and Law, Auckland University of Technology, City Campus. 2014-02-13 to 2014-02-14.
dc.identifier.uri	https://hdl.handle.net/10292/7158
dc.publisher	The Faculty of Business and Law, Auckland University of Technology
dc.relation.replaces	http://hdl.handle.net/10292/7157
dc.relation.replaces	10292/7157
dc.relation.uri	http://www.nzfc.ac.nz/archives/2014/papers/programme/I-2b.pdf
dc.rights	Auckland University of Technology (AUT) encourages public access to AUT information and supports the legal use of copyright material in accordance with the Copyright Act 1994 (the Act) and the Privacy Act 1993. Unless otherwise stated, copyright material contained on this site may be in the intellectual property of AUT, a member of staff or third parties. Any commercial exploitation of this material is expressly prohibited without the written permission of the owner.
dc.rights.accessrights	OpenAccess
dc.subject	CEO compensation
dc.subject	Eﬃciency of the market for executives
dc.subject	Cohort eﬀects
dc.subject	Business cycle
dc.title	Do good starts make good finishes? The case of CEO pay
pubs.elements-id	166637
pubs.organisational-data	/AUT
pubs.organisational-data	/AUT/Business & Law

Do good starts make good finishes? The case of CEO pay

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