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    Psychopathic traits of corporate leadership as predictors of future stock returns

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    Name:
    complete paper (1)_final accep ...
    Embargo:
    2021-10-07
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    Format:
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    Description:
    Author accepted manuscript
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    Authors
    Wisniewski, Tomasz Piotr
    Yekini, Liafisu Sina cc
    Omar, Ayman
    Affiliation
    Coventry University
    Issue Date
    2019-10-07
    
    Metadata
    Show full item record
    Abstract
    This paper examines whether it is possible to forecast one-year-ahead returns of individual companies based on the observed ‘psychopathic’ characteristics of their top management team. We find that language characteristic of psychopaths present in annual report narratives, questionable integrity, excessive risk-taking and failure to contribute to charitable undertakings tend to reduce future shareholder wealth. These findings imply that firms could benefit from incorporating psychological evaluation in their recruitment processes, especially when seeking to fill senior management posts. While the return predictability described in this paper supports the upper echelons perspective, it simultaneously challenges the notion of informationally efficient stock prices.
    Citation
    Wisniewski, T.P., Yekini, L. and Omar, A., (2019). 'Psychopathic Traits of Corporate Leadership as Predictors of Future Stock Returns'. European Financial Management, pp, 1-47. DOI: 10.1111/eufm.12244.
    Publisher
    Wiley
    Journal
    European Financial Management
    URI
    http://hdl.handle.net/10545/624224
    DOI
    10.2139/ssrn.2984999
    Additional Links
    http://oro.open.ac.uk/57126/
    https://onlinelibrary.wiley.com/doi/pdf/10.1111/eufm.12244
    Type
    Article
    Language
    en
    ISSN
    13547798
    EISSN
    1468036X
    ae974a485f413a2113503eed53cd6c53
    10.2139/ssrn.2984999
    Scopus Count
    Collections
    Derby Business School

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