Managerial attitudes and corporate actions

• 成果类型: Article
• 署名作者: Graham, John R.; Harvey, Campbell R.; Puri, Manju
• 署名单位: Duke University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2013.01.010
• 发表日期: 2013
• 页码: 103-121
• 关键词: Managers; attitudes; Personality traits; risk-aversion; capital structure; debt; acquisitions; Corporate policies; Behavioral corporate finance

摘要

We administer psychometric tests to senior executives to obtain evidence on their underlying psychological traits and attitudes. We find US CEOs differ significantly from non-US CEOs in terms of their underlying attitudes. In addition, we find that CEOs are significantly more optimistic and risk-tolerant than the lay population. We provide evidence that CEOs' behavioral traits such as optimism and managerial risk-aversion are related to corporate financial policies. Further, we provide new empirical evidence that CEO traits such as risk-aversion and time preference are related to their compensation. (C) 2013 Elsevier B.V. All rights reserved.