The Effect of Bank Bailouts on CEO Careers

Autor:	Pramuan Bunkanwanicha, Alberta Di Giuli, Federica Salvadè
Rok vydání:	2018
Předmět:	History Government Politics Troubled Asset Relief Program Polymers and Plastics Corporate governance ComputingMilieux_LEGALASPECTSOFCOMPUTING Financial system Business Business and International Management Industrial and Manufacturing Engineering Financial sector
Zdroj:	SSRN Electronic Journal.
ISSN:	1556-5068 2008-2010
DOI:	10.2139/ssrn.3173545
Popis:	This paper examines the impact of government bailouts on bank CEOs’ careers. Exploiting the Troubled Asset Relief Program (TARP) of 2008, we find that CEOs of banks that received TARP funds temporarily remained in their positions in the years 2008-2010. After this period, they were more likely to be replaced, primarily when their banks lost the political connections in the committees overseeing government aids to the financial sector. After leaving their banks, TARP CEOs did not move onto any new executive positions. Overall, our results suggest that government bailouts weaken the disciplining role of governance mechanisms.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::6be0b266b7500ad607d07015b6343016 https://doi.org/10.2139/ssrn.3173545 Zobrazit plný text záznamu