Old captains at the helm: chairman age and firm performance

This paper examines whether the chairmen of the boards (COBs) impose their life cycles on the firms over which they preside. Using a large sample of unlisted firms, we find a robust negative relation between COB age and firm performance. COBs age much like ‘ordinary’ people. Their cognitive abilities deteriorate, and they experience significant shifts in motivation. Deteriorating cognitive abilities are the main driver of the performance effect that we observe. The results imply that succession planning problems in unlisted firms are real. Mandatory retirement age clauses cannot solve these problems.

Captains of the three student companies in 1861

Handwritten on verso: civil war volunteer. Printed sticker on verso: W. Nessler

The gallant deeds of our naval heroes : told for boys and girls : including the adventures of Captain Paul Jones, Commodore Perry, commodore Decatur, Admiral Farragut, Admiral Dewey, and many others of America's brave sailors who won glory in battles at home and abroad; also the story of the ships made famous by great battles and great captains /

Mode of access: Internet.

History of the expedition under the command of Captains Lewis and Clarke, to the sources of the Missouri ... : performed during the years 1804, 1805, 1806, by order of the government of the United States /

The chapter on natural history (1st edition, v. 2, chapter 7) is in this edition transferred to the appendix. In this appendix the Estimate of the western Indians is given under the heading: "Enumeration of Indian nations and their places of general residence."

Picciola, by J. X. B. Saintine. Undine, and The two captains, by Friedrich, Baron de la Motte Fouqué. Paul and Virginia, by Bernardin de Saint Pierre.

Title from t.p.

Royal naval biography : or, Memoirs of the services of all the flag-officers, superannuated rear-admirals, retired-captains, post-captains, and commanders, whose names appeared on the Admiralty list of sea officers at the commencement of the present year, or who have since been promoted, illustrated by a series of historical and explanatory notes ... with copious addenda /

"Naval operations in Ava, during the Burmese war": v. 3, pt. 1, appendix (120 p.).

Police sergeants manual; the essential principles of handling police personnel and the basic duties of supervisory officers, sergeants, lieutenants, captains, detectives, and peace officers generally. With appendix, containing selected and recommended questions and answers of the approved type. Now used in police civil service promotional examinations. Suggested reading list for sergeants' training. Sergeants' check list for instructing recruits. Bibliography.

Mode of access: Internet.

The two captains : a romance of Bonaparte and Nelson /

Mode of access: Internet.