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This paper examines whether it is possible to forecast one-year-ahead returns of individual companies based on the observed ‘psychopathic' characteristics of their top management team. We find that language characteristic of psychopaths present in annual report narratives, questionable...
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that reducing managerial entrenchment enhances corporate disclosure by aligning the incentives of managers and shareholders …
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Suppose the value of a firm is endogenously determined by a manager's costly effort. We call this manager a distinguished player if he also can trade shares of the firm on a market. Arbitrage-free asset pricing theory suggests that the equilibrium market price reflects the value increasing...
Persistent link: https://www.econbiz.de/10003776197
Tracking the movement of top managers across firms, we document the importance of manager-specific fixed effects in … managers' corporate strategies, such as their preferences for internal growth and financial conservatism. Managers' early …
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