“Local stardom is destructive because it exacerbates one of the biggest problems that modern American C.E.O.s face: hubris. A recent study by the finance professors Ulrike Malmendier and Geoffrey Tate, for instance, shows that companies run by ’superstar’ C.E.O.s–those who’ve won major awards from the business press–underperform their competitors and the market as a whole in the years after they win their awards, while the C.E.O.s themselves begin spending more time on things that don’t help their shareholders (such as writing books or making country-music records).” (Thanks kottke.org!)