Working Paper

20 July 2017

Earnings Management and Managerial Honesty: The Investors’ Perspectives

Extant research shows that CEO characteristics affect earnings management. This paper studies how investors infer a specific characteristic of CEOs, namely moral commitment to honesty, from earnings management and how how...

Alexander Wagner | Rajna Gibson Brandon | Matthias Sohn | Carmen Tanner
03 July 2017

Common Ownership, Competition, and Top Management Incentives

We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes variation in managerial incentives and thus productivity...

Miguel Anton | Florian Ederer | Mireia Giné | Martin Schmalz
01 June 2017

What is the Shareholder Wealth Impact of Target CEO Retention in Private Equity Deals?

There is a widespread belief among observers that a lower premium is paid when the target CEO is retained by the acquirer in a private equity deal because the CEO’s potential conflicts of interest leads her to negotiate less...

Leonce Bargeron | Frederik Schlingemann | René Stulz | Chad J. Zutter
01 September 2016

Are CEOs Born Leaders? Lessons from Traits of a Million Individuals

What makes a CEO? Our study combines a near-exhaustive sample of CEOs of Swedish companies with data on their cognitive and non-cognitive ability and height at age 18. On average, CEOs, particularly large-company CEOs, have much higher...

Renee Adams | Matti Keloharju | Samuli Knüpfer
01 January 2014

The Determinants of the CEO Successor Choice in Family Firms

This paper studies the factors that influence the CEO succession decision in family firms whose incumbent CEO is a member of the controlling family. The sample includes all such firms from France, Germany and the UK. We propose a...

Iram Fatima Ansari | Marc Goergen | Svetlana Mira
01 April 2012

Generalists versus Specialists: Lifetime Work Experience and CEO Pay

We show that pay is higher for CEOs with general managerial skills gathered during lifetime work experience. We use CEOs’ résumés of S&P 1,500 firms from 1993 through 2007 to construct an index of general skills that are...

Claudia Custodio | Miguel Ferreira | Pedro Matos