By using a pilot license as a proxy for the sensation-seeking personality trait, we examine the relation between sensation-seeking CEOs and trade credit. With a sample of pilot CEOs and non-pilot CEOs from U.S. listed firms from 1993-2016, we find strong evidence that firms led by pilot CEOs are...

We investigate whether board independent directors mitigate firm’s securities litigation risks. We further analyze this inquiry with special attention to firm’s complexity, monitoring costs, and the relative benefits and costs of board independence. Separate and combined analyses of these...