Managerial Trustworthiness and Buybacks
研究发现CEO可信度越高，回购公告后的长期超额回报越大，因为市场更相信其股价低估的说法；可信CEO也更少被指控财务造假。
Abstract CEO trustworthiness is positively related to long-term excess returns after buyback announcements. When the Chief Executive Officer (CEO) is trustworthy, statements that the stock is undervalued are more credible. CEO trustworthiness is initially measured by the extent to which people in the county where the company headquarters is located trust each other. Further, the positive impact of trustworthiness on excess returns is higher when the CEO has been a long-term resident of a high-trust county, and correspondingly, trustworthy CEOs are less likely to be accused of financial misreporting. Our conclusions are confirmed when we use alternative measures of trustworthiness such as employee trust and CEO integrity.