Facial masculinity, risk preferences, and corporate hedging
研究了CEO和CFO的面部男性特征（以面部宽高比衡量）如何影响油气企业的对冲决策，发现面部男性特征越强，企业越少进行对冲，这与高管风险偏好增强有关。
We explore the influence of CEO and CFO facial masculinity, measured by the facial width-to-height ratio (fWHR), on the hedging decisions of a sample of oil and gas producers from 2009 to 2019. Our findings show a negative association between the fWHR and the hedging likelihood and extent, which is particularly pronounced when considering both executives. This effect is consistent with facial masculinity being linked to increased managerial risk-taking and leading to reduced corporate hedging. This evidence is robust to managerial compensation incentives and professional and demographic characteristics, survives multiple robustness checks, and is plausibly causal.