Rich Dad Poor Dad ? CEO Private School Background and Firm Risk
研究发现，CEO青少年时期的社会经济地位（以是否就读私立高中衡量）会影响企业风险，高社会经济地位CEO所在企业的风险低5.35%，且这种效应随CEO任期、分析师覆盖和机构持股增加而减弱，支持社会经济地位作为信号影响投资者预期的理论。
ABSTRACT We examine the effect of CEO childhood socioeconomic status (SES) on firm risk. Using hand‐collected data on US CEOs' private high‐school attendance as proxy for high‐SES, we find that firms led by high‐SES CEOs exhibit 5.35% lower firm risk. This effect diminishes with CEO tenure, analyst coverage, and institutional ownership, consistent with the market expectations hypothesis. High‐SES CEOs do not differ in corporate risk‐taking, incentives, ability, performance, or crisis management. Our findings support the SES theory, which suggests that socioeconomic background acts as a signal that shapes investor expectations, rather than reflecting differences in CEO behaviour or competence.