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In 1974 an article appeared in Science magazine with the dry-sounding title “Judgment Under Uncertainty: Heuristics and Biases” by a pair of psychologists who were not well known outside their discipline of decision theory. In it Amos Tversky and Daniel Kahneman introduced the world to Prospect Theory, which mapped out how humans actually behave when faced with decisions about gains and losses, in contrast to how economists assumed that people behave. Prospect Theory turned Economics on its head by demonstrating through a series of ingenious experiments that people are much more concerned with losses than they are with gains, and that framing a choice from one perspective or the other will result in decisions that are exactly the opposite of each other, even if the outcomes are monetarily the same. Prospect Theory led cognitive psychology in a new direction that began to uncover other human biases in thinking that are probably not learned but are part of our brain’s wiring.

Thinking fast and slow.

On robust estimation of the location parameter

The CEO-TMT interface, defined as the linkage and interaction between the CEO and other top managers, has received increasing attention from scholars in different disciplines. This stream of research aims to unveil how CEOs and other executives interact with one another, influence each other, and become involved in collective activities that shape the fate of organizations. Yet, despite the burgeoning interest in this area, extant CEO-TMT research is characterized by various and disconnected assumptions about the interfacing roles through which CEOs and TMTs exercise strategic leadership. Drawing on role theory, we review extant CEO-TMT interface research in different disciplines, and systematically organize the various CEO-TMT role assumptions into three role-theory specifications: functionalism, social-interactionism, and structuralism. In taking stock of the three role specifications, we provide a critique of the strengths and boundaries of each, and chart directions toward an integrated ‘multi-role’ understanding of the CEO-TMT interface in strategic leadership.

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Four decades of CEO–TMT interface research: A review inspired by role theory

We study standard mutual fund performance measures, using simulation procedures combined with random and random-stratified samples of NYSE and AMEX securities. We track simulated fund portfolios over time. These portfolios' performance is ordinary, and well-specified performance measures should not indicate abnormal performance. Our main result, however, is that the performance measures are badly misspecified. Regardless of the performance measure, there are indications of abnormal fund performance, including market-timing ability, when none exists.

Measuring Mutual Fund Performance

Psychology research identifies extraversion as the personality trait most closely associated with leadership emergence We examine executive extraversion, as measured by speech patterns du

Executive Extraversion: Career and Firm Outcomes

Both sell-side analysts and the media are information intermediaries in capital markets. This study investigates the association between sell-side analyst research and information in firm-specific news coverage. More frequent recent news coverage is associated with stronger market reactions to analysts’ research revisions, and primarily explained by soft information in news coverage. The primary result is robust to using both an instrumental variable and a quasi-natural experimental setting to generate exogenous variation in media coverage, alleviating concerns about endogeneity. In addition, using textual analysis, we document that explicit media references in analyst research reports are significantly associated with more frequent analyst revisions and stronger market reactions to revisions. Our study provides empirical evidence of analysts’ assimilation of information from the financial press and their role in the efficiency of capital markets.

Soft Information in the Financial Press and Analyst Revisions

Psychology research identifies extraversion as the personality trait most closely associated with leadership. We examine executive extraversion, as measured by speech patterns during conference calls, and find extraverts experience significant career benefits. Specifically, controlling for executive and firm characteristics, including firm fixed effects, we find that extraverted CFOs and CEOs earn 6-11% higher salaries. Extraverted CFOs are more likely to be promoted to CEO, and extraverts become top executives at a younger age. Extraverted CEOs also serve on more outside boards and hold directorships at larger firms. Our findings highlight the role of personality traits in explaining executive career outcomes.

It Pays to Be Extraverted: Executive Personality and Career Outcomes

Prior research establishes that media coverage can influence manager behavior by broadly distributing information and directing the attention of investors and other stakeholders In this study, I investigate whether and how firm-specific media coverage affects managers' voluntary disclosure decisions I show that prior media coverage is positively associated with the both the likelihood of issuing management guidance and the quantity of guidance issued The relation between media coverage and guidance is stronger for firms in which investors have a greater ability to influence managers’ voluntary disclosure decisions, for media coverage from more credible news sources, and for media articles that disseminate information quickly rather than provide additional commentary Firms with more media coverage are also significantly more likely to hold earnings conference calls, speak more during conference calls, and issue more press releases Using both a quasi-natural experiment and instrumental variable setting to generate plausibly exogenous variation in media coverage, I find evidence consistent with my main results My study suggests that media coverage affects investor demand for public disclosure and provides new insights into the influence of the media on manager behavior

The Impact of Media Coverage on Voluntary Disclosure

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Papers

Executive Extraversion: Career and Firm Outcomes

Soft Information in the Financial Press and Analyst Revisions

It Pays to Be Extraverted: Executive Personality and Career Outcomes

Soft Information in the Financial Press and Analyst Revisions

The Impact of Media Coverage on Voluntary Disclosure