In this paper we examine the relation between managerial discretion in accruals and informational efficiency. We measure managerial discretion in accruals by the absolute value of discretionary accruals. Assuming that efficient prices follow a random walk, we measure informational efficiency by...

This paper examines the relation between CEO narcissism and firm’s credit ratings. Using the size of the CEO signature to measure CEO narcissism, we find that narcissistic CEOs are associated with lower firm’s credit ratings. The negative association between CEO narcissism and credit ratings...