Local CEOs, Career Concerns, and Voluntary Disclosure

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Local CEOs, Career Concerns, and Voluntary Disclosure

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Title: Local CEOs, Career Concerns, and Voluntary Disclosure
Author(s):
Hu, Yaqin
Advisor: Gurun, Umit G.
Cready, William M.
Date Created: 2018-08
Format: Dissertation
Keywords: Show Keywords
Abstract: I study whether the management guidance provided by local CEOs differs from the guidance provided by nonlocal CEOs. The geographic preferences of the CEOs lead to segmented executive labor markets, which impose higher costs to relocate and give rise to career concerns. I find that local CEOs, who grew up in the same states where the firm headquarters are located, provide fewer items in guidance and less frequent guidance than nonlocal CEOs. I also show that local CEOs have greater asymmetric withholding of bad news relative to good news and that they increase their disclosure during economic downturns in their home states. Collectively, these findings suggest that the geographically segmented CEO labor markets play an important role in disclosure choices of CEOs.
Degree Name: PHD
Degree Level: Doctoral
Persistent Link: http://hdl.handle.net/10735.1/6190
Terms of Use: ©2018 The Author. Digital access to this material is made possible by the Eugene McDermott Library. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author.
Type : text
Degree Program: Management Science

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