Custódio, Cláudia; Metzger, Daniel - In: Journal of Financial Economics 114 (2014) 1, pp. 125-154
We study CEOs with a career background in finance. Firms with financial expert CEOs hold less cash, more debt, and engage in more share repurchases. Financial expert CEOs are more financially sophisticated: they are less likely to use one companywide discount rate instead of a project-specific...