Limbach, Peter; Sonnenburg, Florian - 2014 - First Draft: September 2014, This Draft: December 2014
We find that CEO fitness positively affects firm value (Tobin's Q). For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if they finish a marathon. Fit CEOs are associated with higher firm profitability and M&A announcement returns. Effects on firm value are strongest for CEOs with...