We investigate whether CEOs' experiences of macroeconomic boom affect risk taking. We use the unique setting of economic conditions changed from Central Planning to Market Economy in China, which is an exogenous shock to early-life experience, as a natural experiment to test the impact on CEOs'...

We show that managerial career experiences have significant explanatory power for corporate investment decisions. We use the setting of economic conditions changed from Central Planning to Market Economy, which is an exogenous shock to managerial characteristic, as a natural experiment to test...

This paper examines whether government intervention plays an important role in determining corporate investment allocations and efficiency in China. We find that the government tends to intervene to promote corporate investment in fixed assets, equity in other state owned enterprises, and...

We study how cultural norms from overseas affect corporate transparency in developing economies and economies in transition. Using cultural background information on board directors, we document that corporations with directors with culture from overseas have greater corporate transparency....