We examine whether a male CEO's facial masculinity, measured by facial width-to-height ratio (fWHR), predicts the riskiness of his firm. Using the face pictures of 1,162 CEOs in the Execucomp database, we find supporting evidence. Firms with more masculine-faced CEOs have higher stock return...

Stock price crash risk could be lower in family firms because the controlling family investorshave a longer-term interest, hold greater decision rights and are better informed thaninvestors in diffusely owned firms (alignment effect). However, the agency costs betweenfamily and nonfamily...