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Managerial Attitudes and Corporate ActionsJohn R. GrahamDuke University - Fuqua School of Business; National Bureau of Economic Research (NBER) Campbell R. HarveyDuke University - Fuqua School of Business; National Bureau of Economic Research (NBER) Manju PuriDuke 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 seriesDate posted: July 11, 2009 ; Last revised: May 28, 2012Suggested CitationContact Information
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