Wei Wang (Queen's University) presenting 'How Costly is Corporate Bankruptcy to Top Executives?', a paper on large-sample estimates of CEO personal bankruptcy costs that, for the first time, account for the CEO's post-bankruptcy employment income. The authors track CEO employment changes using 342 U.S. public companies filing for Chapter 11 between 1995 and 2008. Surprisingly, one-half of the incumbent CEOs maintain full-time employment - in sharp contrasts with the zero reemployment rate traditionally assumed in the literature. Two-thirds are hired by a new company, and several continue as top executives. Also surprising, the median total compensation change from the new employment is close to zero, suggesting that the CEO is not tainted' by the bankruptcy event. The other half of the incumbent CEOs, who do not maintain full-time employment, experience an income loss with a median present value of $4 million (discounted until retirement age). This implies an ex ante expected median personal bankruptcy cost of $2 million (in constant 2009 dollars). The authors also provide some first evidence on how creditor activism, in particular through debtor-in-possession (DIP) financing, affects expected CEO personal bankruptcy costs.