文章标题：Does CEO’s early life experience affect corporate bond yield spread? Evidence from China’s great famine

发表期刊：International Review of Economics & Finance

发表时间：2022年6月

刊次：第6期

摘要：

Based on imprinting theory, this study investigates whether a CEO’s childhood famine experience

affects the credit spread of firms’ newly issued corporate bonds. Using the Great Famine setting in China, we provide evidence that firms with famine-experienced CEOs have lower bond credit spreads than firms with CEOs who have not experienced the famine. The results were robust after considering various potential endogeneity issues. Cross-sectional analyses suggest that the negative relationship between CEOs’ famine experience and credit spreads is more pronounced when firms have high operating risk, are non-SOEs, and when economic policy uncertainty is high. Our study provides new empirical evidence that executives’ traumatic early life experiences significantly impact their firms from the perspective of the cost of debt financing.

关键词：Early famine experience ；Imprinting theory ；Credit spread

博士生简介：

谢妍，中国金融学院2020级博士生，研究方向：宏观金融政策与微观企业行为