CEO personality traits and corporate value implication of acquisitions
研究了CEO人格特质如何影响收购为股东创造价值，发现尽责性CEO的收购获市场正面反应，而外向和过度自信CEO的收购仅在业绩良好时获正面反应。
We investigate how CEO personality traits moderate the shareholder value creation from corporate acquisitions. First, we document that the likelihood of corporate acquisitions is positively associated with extravert and overconfident CEOs consistent with the evidence of prior literature. Second, and most importantly, we document that stock prices react positively to acquisitions undertaken by conscientious CEOs. This finding is in line with the view that the stock market favors the detailed and planned approach towards acquisitions of conscientious CEOs. Furthermore, stock prices react positively to acquisitions undertaken by extraverted and overconfident CEOs but only after a good prior corporate performance stretch. Our results illustrate that CEO traits are important for the value implication of corporate acquisitions.