Two business school professors have discovered that CEOs who win awards from business magazines tend to underperform their peers.
“Malmendier and Tate cite several contributing factors, including increased demands on the CEOs’ time. Some were pressed to serve as board members, others urged to write books. Meanwhile, they may also have been devoting just a bit more time to golf. Prizewinners, on average, had lower golf handicaps than their awardless counterparts, according to the report.
“Rubbing more salt into the wound, CEOs who won media praise took their press clippings to heart — and the bank. This translated into demands for fatter compensation packages than other companies meted out to CEOs who did a better job — but did it under the media radar.”
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Choice. This dovetails nicely with the theory that we (members of the media) are guilty, by dint of omissions, for the whole financial miasma of the past few years.