人生苦短？经理人失亲与组织决策

题目：Life is Too Short? Bereaved Managers and Investment Decisions（人生苦短？失亲经理人与投资决策）

摘要：We examine whether bereavement affects managerial investment decisions in large organizations using the exogenous events of managers’ family deaths. We find evidence that bereaved managers take less risk in separate samples of mutual funds and publicly traded firms. Mutual funds managed by bereaved managers exhibit smaller tracking errors, lower active share measures, and higher portfolio weights on larger stocks after bereavement events. Firms managed by bereaved CEOs exhibit lower capital expenditures and fewer acquisitions after bereavement events. Further analyses support the emotiondriven explanation over other explanations. The risk-shifting by bereaved managers has negative implications on the performance of funds and firms that they manage

研究问题：经理人经历亲人逝去是否会影响其风险偏好，进而影响投资决策

研究动机：经理个人经历与所在组织决策的研究备受关注，但是这类研究受到内生性问题干扰，难以建立严明的因果关系。利用经理人亲人逝去作为外生冲击，探究个人经历对组织决策影响。

研究设计：经理人分别选择基金经理以及上市公司CEO；以经理人亲人逝去作为外生冲击，构造DID

研究贡献：深化个人情绪引致的风险偏好变化

特别的点：引言对于个人经历与组织决策研究的内生性困扰讨论细致；实证上排除了很多其他可能的理论解释

注：个人翻译和解读，可能存在疏漏和错误,仅供参考(20220419)。