Based on a unique hand-collected dataset of CEO succession events in US bank holding companies (BHCs), we find that prior CEO experience of the newly appointed CEO improves bank profitability post-CEO succession, but primarily in underperforming banks. We distinguish prior CEO experience based on where the experience was obtained and find that the performance effect is driven by the experience gained outside the bank. Moreover, our study indicates that new CEOs with previous CEO experience acquired outside the bank are more likely to enhance profitability through earnings manipulation than those who obtained CEO experience within the bank or those without any previous CEO experience.

中文翻译：

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银行盈利能力的变化 CEO 继任后：之前的 CEO 经验是否会提高银行绩效？


基于美国银行控股公司 （BHC） 中 CEO 继任事件的独特手工收集的数据集，我们发现，新任命的 CEO 之前的 CEO 经验可以提高 CEO 继任后的银行盈利能力，但主要是在表现不佳的银行中。我们根据获得经验的来源来区分先前的 CEO 经验，并发现绩效效应是由在银行外获得的经验驱动的。此外，我们的研究表明，与在银行内获得 CEO 经验或之前没有任何 CEO 经验的 CEO 相比，具有银行外部 CEO 经验的新 CEO 更有可能通过操纵收益来提高盈利能力。