Abstract

http://ssrn.com/abstract=1432641
 
 

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Citations (74)



 


 



Managerial Attitudes and Corporate Actions


John R. Graham


Duke University; National Bureau of Economic Research (NBER)

Campbell R. Harvey


Duke University - Fuqua School of Business; National Bureau of Economic Research (NBER)

Manju Puri


Duke University - Fuqua School of Business; National Bureau of Economic Research (NBER)

May 22, 2012


Abstract:     
We administer psychometric tests to senior executives to obtain evidence on their underlying psychological traits and attitudes. We find U.S. CEOs differ significantly from non-U.S. 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 CEO’s 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.

Number of Pages in PDF File: 43

Keywords: Managers, attitudes, personality traits, risk aversion, capital structure, debt, acquisitions, corporate policies, behavioral corporate finance

JEL Classification: G30, G32, G34

working papers series





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Date posted: July 11, 2009 ; Last revised: May 28, 2012

Suggested Citation

Graham, John R. and Harvey, Campbell R. and Puri, Manju, Managerial Attitudes and Corporate Actions (May 22, 2012). Available at SSRN: http://ssrn.com/abstract=1432641 or http://dx.doi.org/10.2139/ssrn.1432641

Contact Information

John Robert Graham
Duke University ( email )
Box 90120
Durham, NC 27708-0120
United States
919-660-7857 (Phone)
919-660-8030 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Campbell R. Harvey
Duke University - Fuqua School of Business ( email )
Box 90120
Durham, NC 27708-0120
United States
919-660-7768 (Phone)
919-660-8030 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Manju Puri (Contact Author)
Duke University - Fuqua School of Business ( email )
1 Towerview Drive
Box 90120
Durham, NC 27708-0120
United States
919-660-7657 (Phone)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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