Perception Is Reality: How CEOs’ Observed Personality Influences Market Perceptions of Firm Risk and Shareholder Returns
研究CEO的尽责性、神经质和外向性等可见人格特质如何影响市场对公司风险的感知（以股票波动性衡量），并改变风险与回报的关系，对投资者和公司治理有参考价值。
We develop theory to explain how CEOs’ observable personality traits influence market perceptions of firm risk and shareholder returns. Using a linguistic tool to measure nearly 3,000 CEOs’ personality traits, we find that CEOs’ observed levels of conscientiousness, neuroticism, and extraversion have important consequences for the perceived riskiness of the firm, as reflected in stock volatility. We also find that these traits alter the relationship between stock risk and returns. Whereas financial economic theory generally posits a positive relationship between risk and returns, on average, we find that this relationship may be either positive or negative for a specific firm depending upon the observed personality of its CEO. Our theory and findings extend upper echelons research by showing that CEOs’ personality traits not only affect market perceptions of the firm but also how those perceptions translate into value creation.