Managerial ability, investment efficiency and stock price crash risk
We examine empirically the effect of managerial ability on firm-level investment efficiency and how this affects future stock price crash risk. Using a managerial ability measure developed by Demerjian et al. (2012), the paper documents consistent evidence that the more able managers over-invest com...
| Main Authors: | , |
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| Format: | Journal Article |
| Published: |
J A I Press
2017
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| Online Access: | http://hdl.handle.net/20.500.11937/56838 |