This article is based on the keynote address from the Eastern Finance Association meeting in South Beach in April 2010. In this keynote address, I discuss how to engage and motivate students by using the results from surveys of corporate finance professionals. Specific examples are given to...

We use a unique dataset of more than 1,000 Chief Executive Officers (CEOs) and Chief Financial Officers around the world to investigate the degree to which executives delegate financial decisions and the circumstances that drive variation in delegation. Delegation does not appear to be...

Using a unique 10-year panel that includes more than 13,300 expected stock market return probability distributions, we find that executives are severely miscalibrated, producing distributions that are too narrow: realized market returns are within the executives' 80% confidence intervals only...

We present a selection of seminar slides based on our 2013 Quarterly Journal of Economics paper, "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1640552" Managerial Miscalibration. Using a large panel of CFO forecasts of S&P 500 returns, we find that executives are severely miscalibrated,...

This document contains supplemental materials for my AFA address entitled: “Presidential Address: Corporate Finance and Reality” (2022). The address paper provides updated data from and analysis of CFO surveys about corporate investment, capital structure, payout, planning, and other...

This paper conducts surveys that document CFO perspectives on corporate planning, corporate investment, capital structure, payout, and the goal of the firm. Current policy choices are compared to CFO survey data from two decades prior, which allows me to identify decision-making themes that are...

We examine the effects of CEO big five personalities (openness, conscientiousness, extraversion, agreeableness, and neuroticism) on their annual compensation. We hand-collect the S&P 1500 CEO tweets and use IBM personality insights to measure CEO personality. CEOs with high ratings of...

The globalization of banking in the United States is influencing the monetary transmission mechanism both domestically and in foreign markets. Using quarterly information from all U.S. banks filing call reports between 1980 and 2005, we find evidence for the lending channel for monetary policy...

International financial linkages, particularly through global bank flows, generate important questions about the consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I address the monetary autonomy issue in the context of...

In recent years, demutualized stock exchanges have been increasingly engaging in M&A and alliance activities. To examine the effect of these growth strategies on exchange shareholders’ value creation, we focus on 14 public stock exchanges and investigate their short-run share price responses...