When Do Optimistic CEOs Enhance Firm Value?
研究CEO乐观情绪对企业价值的影响，发现平均提升约17%，且在风险高、创新多、资源足、竞争激烈的行业中效果更强。
ABSTRACT We predict how the effect of CEO optimism on firm value varies across firms and model how industry competition impacts the relation between CEO optimism and firm value. Estimating optimism from option‐exercise behaviour, we find that CEO optimism increases firm value by about 17% on average. Consistent with theoretical predictions, CEO optimism is more value‐enhancing in firms that are riskier, engage in greater innovation and investment, have more internal resources and operate in industries that are more competitive or have a larger fraction of optimistic CEOs. Various endogeneity checks support a causal impact of CEO optimism on firm value.