In this paper we investigate whether trading by CEOs and CFOs is motivated by contrarian beliefs or superior information about future cash flow realizations. We find that even though both CEOs and CFOs earn significant abnormal returns following their trades, CFO trades are associated with...

A key objective of shareholder activists is to persuade a firm’s management to change its strategy. CFOs play an important role in negotiations, nonetheless activism research mainly focuses on CEOs. We examine the relationship between CFO overconfidence and the likelihood to get targeted by...

An abundance of evidence relates facial width-to-height ratio (fWHR) to masculine behaviors in males. We show that hedge funds operated by high-fWHR managers underperform those operated by low-fWHR managers, bear greater downside risk, are more susceptible to fire sales, and fail more often....