Gender and Corporate Finance
نویسندگان
چکیده
Using a difference-in-differences approach around executive transitions, we examine whether men and women differ in corporate financial decisions. We find that companies with female CFOs make fewer acquisitions, and acquisitions made by female CFO firms have announcement returns approximately 2% higher than those made by male CFO firms. This evidence suggests greater scrutiny in deal-making by women and greater overconfidence for men. Female CFOs also issue debt less frequently. The lower debt issuance is consistent with women being relatively more risk averse, but we find mixed evidence on the impact of female CFO financial policy on shareholder value. __________________________________ * Huang is a Ph.D. candidate at Boston College and Kisgen is an Assistant Professor at Boston College. The authors wish to thank Brad Barber, Clifford Holderness, Mitchell Petersen, Jeffrey Pontiff, and Philip Strahan, and seminar participants at Binghamton University and Boston College, for helpful comments. Kisgen may be reached at [email protected]. USC FBE FINANCE SEMINAR presented by Darren Kisgen FRIDAY, Oct. 3, 2008 10:30 am – 12:00 pm, Room: JKP-202
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