Online Appendix to 'The Face of Risk: CEO’s Facial Masculinity and Firm Risk'
European Financial Management
42 Pages Posted: 3 Mar 2021
Date Written: December 31, 2020
This online appendix has two parts. First, we provide additional regression results for the paper as robustness checks. Our additional regressions use alternative measures of facial masculinity and alternative measures of overconfidence as controls. The flow of the tables is in tandem with the flow of the discussion in the main text of the paper. Also, we show difference-in-difference analyses surrounding CEO turnovers in Table 5 of this appendix to support our argument in the paper. Second, we provide detailed description about our Python coding to automatically measure facial width to height ratio for the collected face pictures of the CEOs.
Chapter 1. Robustness Checks with the CEO fWHR in the main text
Chapter 2. Description of the algorithm to measure fWHR using Artificial Intelligence
Keywords: fWHR, Risk, Masculinity, CEO
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