Malmendier and Tate (2007)

Malmendier, Ulrike and Geoffrey Tate.  “Superstar CEOs.”  Working paper (UC Berkeley), March 2007.

From the authors’ abstract: “[F]irms of CEOs who achieve "superstar" status via prestigious nationwide awards from the business press subsequently underperform beyond mere mean reversion, both relative to the overall market and relative to a sample of "hypothetical award winners" with matching firm and CEO characteristics. At the same time, award-winning CEOs extract significantly more compensation from their company following the award, both in absolute amounts and relative to other top executives in their firm. They also spend significantly more time and effort on public and private activities outside their company such as assuming board seats or writing books. The incidence of earnings management increases significantly after winning awards… We also find that the effects are strongest in firms with weak corporate governance, suggesting that firms could prevent the negative consequences..”

Link:  https://papers.ssrn.com/sol3/papers.cfm?abstract_id=972725