Abstract
Using 6160 annual CEO letters to shareholders for 585 SP and that the effects of implicit motives are persistent, even three years after being initially measured. The results further suggest that, in addition to characteristics such as functional career track, military experience, and number of external board seats held, implicit motives play a significant role in the determination of what makes each CEO unique. The practical significance of these findings is that firms do not always hire the right CEO. Institutional/retail investors may be able to use CEO letters as a useful source of information for making investment decisions.
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