One study examined the performance of CEOs after receiving awards, such as CEO of the year or top manager, from the press (e.g., Business Week). In the year of the awards, the total compensation of superstar CEO winners increased by 44 percent; however, the compensation of all nonwinners showed little increase. This also applied to the nonwinners who were most similar to winners based on individual and firm characteristics; their compensation closely approximated what the superstar CEOs would have received had they not been given the awards. Three years following the awards, the difference in total compensation between the superstars and similar CEOs remained substantial. However, in the three-year period after the awards, the stocks of firms led by superstar CEOs underperformed those led by similar CEOs by 15 to 26 percent (Malmendier and Tate 2009).
Jacquart and Armstrong, 2013