This paper investigates the impact of CEOs' career experiences on corporate investment decisions. We hypothesize that … diverse career experiences exhibit lower investment-cash flow sensitivity and exploit more outside funds, including both bank …

Investment cash flow sensitivity constitutes one important block of the corporate financial literature. While it is … the investment cash flow sensitivity among panel data of American industrial firms during 1999-2010. Using Q-model of … investment (Tobin, 1969), we construct and introduce a proxy of managerial optimism following Malmendier and Tate (2005a) to show …

find that during periods of import tariff cuts and the global financial crisis, investment and firm value are higher for …