作者：Bernile, Gennaro; Bhagwat, Vineet; Rau, P. Raghavendra
作者单位：Singapore Management University; University of Oregon; University of Cambridge
摘要：The literature on managerial style posits a linear relation between a chief executive officer's (CEOs) past experiences and firm risk. We show that there is a nonmonotonic relation between the intensity of CEOs' early-life exposure to fatal disasters and corporate risk-taking. CEOs who experience fatal disasters without extremely negative consequences lead firms that behave more aggressively, whereas CEOs who witness the extreme downside of disasters behave more conservatively. These patterns ...
作者：Breza, Emily; Liberman, Andres
作者单位：Columbia University; New York University
摘要：We present evidence that restrictions to the set of feasible financial contracts affect buyer-supplier relationships and the organizational form of the firm. We exploit a regulation that restricted the maturity of the trade credit contracts that a large retailer could sign with some of its small suppliers. Using a within-product difference-indifferences identification strategy, we find that the restriction reduces the likelihood of trade by 11%. The retailer also responds by internalizing proc...
