Using a sample of management forecasts, we find that higher CEO and CFO equity compensation and lower institutional ownership concentration, percentage of independent director, and number of analyst following induce managers to release significantly more bad news, downward biased management...

We examine the effects of CEO neuroticism on corporate policies for cash holdings. We hand-collect the tweets by CEOs at S&P 1500 companies to measure their neuroticism. We find that firms with relatively neurotic CEOs hold more cash than other CEOs. Using two crises as shocks to corporate...

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...