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...

We examine the impact of CEOs’ early-life and career experiences on corporate investment efficiency in the Chinese economy. We identify two extraordinary events that are likely to underpin the formative experiences of CEOs, comprising of the economic reforms which commenced in 1978, and prior...