CEO风险承担与公司风险关系论文展示总结.ppt

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 influenced directly by shareholders through compensation structure. CEO的风险容忍程度通过薪酬结构对股东价值有一定的影响。 1 Hypothesis development H1:Piloting small aircraft is consistent with elevated levels of health risk.驾驶小型飞机可以说明这个人对风险的容忍程度较高 P.s: Pilots are engaging in risk-taking behavior and that our pilot variable is therefore a valid proxy for health risk preferences. H2:Pilot CEOs will be positively associated with overall firm risk. CEO个人的风险容忍倾向与公司整体风险是相关的 Sample selection and data The initial sample of CEOs from Compustat Executive Compensation database. If a given name does not produce a match in the FAA’s database, then this observation is coded as a non-pilot and no further validation is necessary. In total, the full panel covers 1016 CEO-pilot firm-years and 14611 CEO-non-pilot firm-years. 2 2 Descriptive Statistics 2 Descriptive Statistics 2 Descriptive Statistics Only 8 firms that could be considered rural. Additionally, whether the CEO lives near the commercial airports does not make a sense. 只有极少数的企业是在偏远的地方，交通不便的影响可以忽略。 Most pilot CEOs could not drive for a typical business travel, so it is only their hobby. It does not appear that firms with pilot CEOs are disproportionately located in aviation-related industries or that any single industry dominates that sample. CEO是否有飞机驾驶资格与行业并无关系。 Behavioral consistency in Risk Attitudes 风险态度