Me, myself and I: CEO narcissism and selective hedging
基于美国油气行业衍生品头寸的手工数据，研究发现自恋型CEO的企业对冲行为更具选择性，且在行业价格暴跌后这种选择性对冲会减少，符合自恋悖论。
Abstract In this paper, we test the hypothesis that CEO narcissism influences firms’ hedging behaviour. Our empirical evidence, based on hand‐collected data on derivative positions in the U.S. oil and gas industry, suggests that firms with a narcissistic CEO hedge more selectively. Furthermore, we find that these firms reduce selective hedging comparatively more following a sharp price collapse that sent the industry into a state of distress. This result is in line with the ‘narcissistic paradox’: While scoring high on self‐esteem and grandiosity in the normal case, such individuals are also inherently fragile and liable to crumble when faced with adversity.