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What Do CEOs Do?

Copyright 2011 by Oriana Bandiera, Luigi Guiso, Andrea Prat, and Raffaella Sadun Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. what Do CEOs Do? Oriana Bandiera Luigi Guiso Andrea Prat Raffaella Sadun Working Paper 11-081 what Do CEOs Do? Oriana BandieraLondon School of EconomicsLuigi GuisoEuropean University Institute and EIEFA ndrea PratLondon School of EconomicsRa aella SadunHarvard UniversityFebruary 25, 2011 AbstractWe develop a methodology to collect and analyze data on CEOs time use. The idea sketched out in a simple theoretical set-up is that CEO time is a scarce resource and itsallocation can help us identify the firm s priorities as well as the presence of governanceissues. We follow 94 CEOs of top-600 Italian firms over a pre-specified week and record thetime devoted each day to di erent work activities.

2010). We then look at variables that proxy for the CEO’s power vis-a-vis the firm owners. First, we compare external CEOs who work for family firms to those hired by firms owned

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