Abstract

http://ssrn.com/abstract=1263990
 
 

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Gender and Corporate Finance: Are Male Executives Overconfident Relative to Female Executives?


Jiekun Huang


University of Illinois at Urbana-Champaign - Department of Finance

Darren J. Kisgen


Boston College - Carroll School of Management

June 21, 2012

Journal of Financial Economics (JFE), Forthcoming

Abstract:     
We examine corporate financial and investment decisions made by female executives compared to male executives. Male executives undertake more acquisitions and issue debt more often than female executives. Further, acquisitions made by firms with male executives have announcement returns approximately 2% lower than those made by female executive firms, and debt issues also have lower announcement returns for firms with male executives. Female executives place wider bounds on earnings estimates and are more likely to exercise stock options early. This evidence suggests men exhibit relative overconfidence in significant corporate decision-making compared to women.

Number of Pages in PDF File: 49

Keywords: Corporate policies, Gender, Overconfidence, Mergers and Acquisitions

JEL Classification: G32, G34, J16

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Date posted: September 7, 2008 ; Last revised: August 19, 2012

Suggested Citation

Huang, Jiekun and Kisgen, Darren J., Gender and Corporate Finance: Are Male Executives Overconfident Relative to Female Executives? (June 21, 2012). Journal of Financial Economics (JFE), Forthcoming. Available at SSRN: http://ssrn.com/abstract=1263990 or http://dx.doi.org/10.2139/ssrn.1263990

Contact Information

Jiekun Huang
University of Illinois at Urbana-Champaign - Department of Finance ( email )
1206 South Sixth Street
Champaign, IL 61820
United States
HOME PAGE: http://www.huangjk.info
Darren J. Kisgen (Contact Author)
Boston College - Carroll School of Management ( email )
140 Commonwealth Avenue
Chestnut Hill, MA 02467
United States
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