Hrazdil, Karel; Kim, Jeong-bon; Li, Xin - In: Journal of risk and financial management : JRFM 15 (2022) 2, pp. 1-20
We examine the effect of the risk tolerance of downstream firms (i.e., customers) on the investment inefficiency of upstream firms (i.e., suppliers). Using the pilot licensing status of the CEOs as a proxy for their inherent risk tolerance, we find that customer firms led by pilot CEOs are...
