The face of risk: CEO facial masculinity and firm risk
研究了男性CEO的面部宽高比（fWHR）这一男性化特征是否预示企业风险，发现面部更男性化的CEO所在公司股票波动性更高、财务杠杆更大、并购活动更频繁，且其薪酬对风险更敏感。
Abstract We examine whether a male CEO's facial masculinity, measured by facial width‐to‐height ratio (fWHR), predicts the riskiness of his firm. Using the face pictures of 1,162 CEOs in the Execucomp database, we find supporting evidence. Firms with more masculine‐faced CEOs have higher stock return volatility and higher financial leverage and are more acquisitive. Their frequency of acquisitions, the dollar amount spent on acquisitions, and the takeover premium are all higher. We find that more masculine‐faced CEOs’ compensation is more sensitive to the risk of the firm. The result is robust when we use AI (artificial intelligence)‐measured fWHR of the CEOs.