M&A deals in the US are done mostly at the domestic level. We examine the M&A performance of US acquirers during 1991-2014 based on the enhanced innovative capacity afforded by cross-border deals. We find that US firms engaging in cross-border M&A have superior innovative capacity, which results...

Combining studies on CEO personality traits and real options theory, we propose that the firm’s strategic flexibility can be improved by CEO openness to experience but worsened by CEO conscientiousness and neuroticism. We construct the degree of strategic flexibility by exploring the firm’s...

Using a textual measure of firms’ customer orientation (CUSTOR) constructed from 10-K filings, we document a positive and economically significant relation between CUSTOR and stock returns in crisis periods. High-CUSTOR firms outperform low-CUSTOR firms by 1.5% per month during the financial...