FIRN Virtual Seminar Series - Peter Cziraki (University of Toronto)

Working with the large FIRN member institutions we have developed a virtual seminar series where all FIRN members can participate.  The seminars will be via zoom and will be about an hour long, comprising presentation followed by moderated Q&A.   

In collaboration with UNSW, FIRN  invites you to a virtual seminar presented by Peter Cziraki (University of Toronto).

Title:  The Market for CEOs

Abstract:  We study the market for CEOs of large publicly-traded US firms, analyze new CEOs’ prior connections to the firm, and explore how hiring choices are determined. Our results show that firms hire from a surprisingly small pool of candidates. More than 80% of new CEOs are insiders, i.e., current or former employees or board members. More than 90% of new CEOs are executives firms are already familiar with – either insiders or executives its directors have worked with. Firms raid CEOs of other firms in only 3% of cases, implying a lack of talent reallocation across firms. Pay differences appear too small to explain these hiring choices. The evidence is inconsistent with standard frictionless assignment models and suggests that firm-specific human capital and personal connections determine CEO hiring.

Moderator: Yeejin Jang (UNSW)

All FIRN members are welcome to this event.   Please register your interest here and you will be sent an email the day before with UNSW's registration link.  You will then be required to complete the UNSW registration form and will be sent an email with the zoom code immediately.