Journal
JOURNAL OF FINANCIAL ECONOMICS
Volume 108, Issue 3, Pages 822-839Publisher
ELSEVIER SCIENCE SA
DOI: 10.1016/j.jfineco.2012.12.005
Keywords
Corporate policies; Gender; Overconfidence; Mergers and acquisitions
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We examine corporate financial and investment decisions made by female executives compared with male executives. Male executives undertake more acquisitions and issue debt more often than female executives. Further, acquisitions made by firms with male executives have announcement returns approximately 2% lower than those made by female executive firms, and debt issues also have lower announcement returns for firms with male executives. Female executives place wider bounds on earnings estimates and are more likely to exercise stock options early. This evidence suggests men exhibit relative overconfidence in significant corporate decision making compared with women. (C) 2013 Elsevier B.V. All rights reserved.
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