We study the impact of succession tournaments on risk-taking in family firms. More sons (less daughters) in controlling families are associated with higher income volatility and lower performance – especially, in opaque private firms with pyramidal ownership structure. Contestants exhibit...

Commercial banker-directors (CBDs) bring both financial expertise in risk management and conflicts of interest between shareholders and debtholders. The burgeoning literature on stock price crash risk generates important questions of whether CBDs reduce crash risk. Using BoardEx data from 1999...

Did the masculinity-driven corporate culture of Wall Street change after the 2008 global financial crisis? According to the neuroendocrinology literature, the voice pitch of a male is an ‘honest signal' of his testosterone level that affects risk taking for social dominance. We use digitally...

This is the online appendix for 'Family Feud: Succession Tournaments and Risk-taking in Family Firms' available at http://ssrn.com/abstract=2703571.We identify succession as a novel determinant of risk-taking in family firms. We find significantly higher risk-taking (M&A and cash flow...

How should crowdfunding platforms alleviate information asymmetry between creators and crowdfunders? In traditional financial markets, public companies are required to disclose potential risks to their investors, and such risk disclosure requirements are enforced by legal and fiduciary...

In this paper, we analyze the effect of financial uncertainty on corporate investment using firm-level panel data from the Republic of Korea. We find that financial uncertainty has a significant negative effect on corporate investment, and that the effect is heterogeneous across firms of...