Three essays on corporate finance.

详细信息   

• 作者：Alhashel ; Bader.
• 学历：Doctor
• 年：2012
• 导师：Yu,Xiaoyun,eadvisorBeneish,M. Danielecommittee memberBillet,Matthew T.ecommittee memberTian,Xuanecommittee memberYang,Junecommittee member
• 毕业院校：Indiana University
• Department：Business.
• ISBN：9781267618870
• CBH：3527498
• Country：USA
• 语种：English
• FileSize：3056064
• Pages：160

文摘

This dissertation intends to further our understanding of CEOs,economic agents with significant effects on firms,through investigating some of their characteristics,experiences,and actions. In my first essay I investigate how an executives ability and style is affected by the experience of having previously worked with a Superstar CEO. Using prestigious business media awards to identify Superstar CEOs,I find that CEOs who have previously worked with Superstars achieve the same performance levels as other CEOs. Furthermore,I find that CEOs who have worked with Superstars follow managerial styles that are similar to those used by the Superstar. To mitigate the potential matching between firms and executives,I use Propensity Score Matching and arrive at similar results. However,when higher narcissism is found in Superstar CEOs,the effect is positive on the future performance of the executives. I interpret these findings as evidence that executives do not improve their ability by working with Superstar CEOs but do pick up their managerial styles. My second essay looks into the decision made by CEOs to commit accounting fraud,a decision with adverse effects on the firm and the future career of the CEO. More specifically,I look into the decision to commit fraud in response to equity analysts earnings targets. CEOs are under significant pressure to meet earnings targets since they proxy for the expectations of the markets and the board of directors of the firm. Using a sample of firms accused of accounting fraud by the SEC over the period 1996--2007,I find that CEOs and their firms are more likely to commit fraud in response to analysts high expectations. The third essay explores how certain behavioral traits of CEOs affect their decisions at the firms helm. Particularly,I examine how the CEOs narcissism relates to the firms innovations. I find that over the period 1992--2006,firms with highly narcissistic CEOs invest more in innovation as measured by R&D and achieve a greater level of innovation production. Furthermore,narcissistic CEOs produce innovation with a performance that is more extreme and volatile in terms of how widespread the innovations impact is.