Executives’ early-life experience and corporate debt contracting: Evidence from CEO military experience
研究发现，有从军经历的CEO所在企业，银行贷款利率平均低10.8个基点，且抵押要求和契约限制更少，这源于信息环境改善和风险降低。
We show that the leadership style of veteran CEOs has important implications for their companies’ costs of bank loans. We find that banks charge, on average, 10.8 basis points lower for firms headed by veteran CEOs, compared to otherwise similar firms. Firms with veteran CEOs are also subject to lower collateral requirements and covenant restrictions. The effect of veteran CEOs on loan costs comes from an improvement in the firm’s information environment and a reduction in firm risk. Overall, our study highlights the increasing relevance of leadership background in lending decisions, suggesting that personal characteristics may influence access to capital in global credit markets.