Psychopathic traits of corporate leadership as predictors of future stock returns
研究了企业高管团队的心理病态特征（如年报语言、诚信缺失、过度冒险等）能否预测公司未来一年的股票收益，发现这些特征会损害股东财富，对投资者和高管选拔有参考价值。
Abstract This paper examines whether it is possible to forecast 1‐year‐ahead returns of individual companies based on the observed ‘psychopathic’ characteristics of their top management team. We find that language characteristic of psychopaths present in annual report narratives, questionable integrity, excessive risk‐taking, and failure to contribute to charitable undertakings tend to reduce future shareholder wealth. These findings imply that firms could benefit from incorporating psychological evaluation in their recruitment processes, especially when seeking to fill senior management posts. While the return predictability described in this paper supports the upper echelons perspective, it simultaneously challenges the notion of informationally efficient stock prices.