CEO风险承担与公司风险关系 论文展示.pptVIP

CEO Personal Risk-Taking and Corporate Policies 1 2 4 3 Hypotheses Data Empirical Results Conclusion CONTENTS 5 Robustness Main idea This study analyzes the relation between CEO personal risk-taking corporate risk-taking and total firm risk.主要分析了CEO个人的风险承担倾向和企业的风险承担承担及企业整体风险之间的关系.（用CEO是否有飞机驾驶资格作为风险承担的衡量） Firms led by pilot CEOs have higher equity return volatility.风险容忍程度更高的CEO的企业的净资产收益率的波动率更高 Pilot CEOs engage in elevated levels of acquisition activity.风险容忍程度高的CEO会更频繁的进行并购活动 CEO risk aversion contains meaningful variation of economic relevance to shareholders, beyond that which is inf