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首页> 外文期刊>Journal of financial economics >Gender and corporate finance: Are male executives overconfident relative to female executives?
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Gender and corporate finance: Are male executives overconfident relative to female executives?

机译：性别与公司融资：男性高管相对于女性高管是否过于自信？

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摘要

We examine corporate financial and investment decisions made by female executives compared with male executives. Male executives undertake more acquisitions and issue debt more often than female executives. Further, acquisitions made by firms with male executives have announcement returns approximately 2% lower than those made by female executive firms, and debt issues also have lower announcement returns for firms with male executives. Female executives place wider bounds on earnings estimates and are more likely to exercise stock options early. This evidence suggests men exhibit relative overconfidence in significant corporate decision making compared with women.
机译：我们比较女性高管与男性高管做出的公司财务和投资决策。与女性高管相比，男性高管承担更多的收购活动和发行债务的频率更高。此外，具有男性高管人员的公司进行的收购的公告收益比女性高管人员的公司低约2％，而债务发行也使得具有男性高管人员的公司的公告收益较低。女性高管对收益的估计范围更广，并且更可能尽早行使股票期权。该证据表明，与女性相比，男性在重要的公司决策中表现出相对过度自信。

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