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Hear Me Write: Does CEO Narcissism Affect Disclosure?

来源:湖南大学经济与管理研究中心  日期:2017-05-22 人气:


   间:May 23, 2017 (Tuesday) 4:00-5:30 pm

 

 点:Shuishang Teaching Building, Room 211

 

 题: Hear Me Write: Does CEO Narcissism Affect Disclosure?

 

主讲人: Prof. Allan Zebedee

         Clarkson University

 

  要:

Corporate disclosure of financial information has become increasingly reliant on written text from business executives.  In this study, we examine the impact of CEO personality on corporate disclosures. Specifically, for a sample of Fortune 500 CEOs, we study the relationship between measures of narcissism and earnings announcements by examining the tone of press releases.  By definition, narcissistic individuals have a natural and constant craving for attention and we conjecture that firms with these individuals in charge will have a positive bias in their qualitative disclosures, and this prejudice will be larger for firms lead by younger CEOs.  Using an indirect measure for CEO narcissism that relies on the size of the CEOs photograph in annual reports and relative intrafirm compensation, we find that as the CEOs narcissism rises, the positive tone of the earnings announcements grows and this effect wanes with CEO age.

 

主讲人简介:Dr. Allan Zebedee is associate professor of School of Business, Clarkson University. His areas of research are corporate finance issues, such as initial public offerings, share repurchase programs, stock splits and secondary market activity for syndicated loans.