The Voice of Risk: Wall Street CEOs' Voice Pitch and the 2008 Financial Crisis
The pitch of a male voice is an honest signal of his threat potential coming from testosterone. Recognizing endogenous matches between firms and CEOs, we propose to use voice pitch of the CEO as a proxy for the unobservable risk‐taking strategy of the firm. Using digitally analyzed male CEO voice pi...
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| Published in | Asia-Pacific journal of financial studies Vol. 53; no. 2; pp. 200 - 237 |
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| Main Authors | , , , |
| Format | Journal Article |
| Language | English |
| Published |
01.04.2024
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| Subjects | |
| Online Access | Get full text |
| ISSN | 2041-9945 2041-6156 |
| DOI | 10.1111/ajfs.12471 |
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| Abstract | The pitch of a male voice is an honest signal of his threat potential coming from testosterone. Recognizing endogenous matches between firms and CEOs, we propose to use voice pitch of the CEO as a proxy for the unobservable risk‐taking strategy of the firm. Using digitally analyzed male CEO voice pitch in 167 CNBC interviews during the 2008 global financial crisis, we find that deep‐voiced Wall Street CEOs (i) managed riskier firms, (ii) received more equity‐based compensation before the crisis and (iii) were more likely to be fired after the crisis, controlling for economic incentives, overconfidence, and narcissism. |
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| AbstractList | The pitch of a male voice is an honest signal of his threat potential coming from testosterone. Recognizing endogenous matches between firms and CEOs, we propose to use voice pitch of the CEO as a proxy for the unobservable risk‐taking strategy of the firm. Using digitally analyzed male CEO voice pitch in 167 CNBC interviews during the 2008 global financial crisis, we find that deep‐voiced Wall Street CEOs (i) managed riskier firms, (ii) received more equity‐based compensation before the crisis and (iii) were more likely to be fired after the crisis, controlling for economic incentives, overconfidence, and narcissism. |
| Author | Kim, Andy Cao, Sijia Kang, Min Jung Park, Soohyun |
| Author_xml | – sequence: 1 givenname: Andy orcidid: 0000-0002-1452-0053 surname: Kim fullname: Kim, Andy email: ayhkim@skku.edu organization: SKKU (SungKyunKwan University) – sequence: 2 givenname: Min Jung orcidid: 0000-0002-8224-0694 surname: Kang fullname: Kang, Min Jung organization: University of Michigan‐Flint – sequence: 3 givenname: Sijia surname: Cao fullname: Cao, Sijia organization: Huayou Cobalt Co. Ltd – sequence: 4 givenname: Soohyun surname: Park fullname: Park, Soohyun organization: Korea Telecom |
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| Copyright | 2024 The Authors. published by John Wiley & Sons Australia, Ltd on behalf of Korean Securities Association. |
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| Notes | We thank the session participants at the AsianFA 2018 Tokyo Meeting, the seminar participants at Deakin University, KAIST, Seoul National University, Nanyang Business School, the University of Michigan Flint, Renee Adams, Sumit Agarwal, Simba Chang, Francesco D'Acunto, Martin Dierker, Joey Engelberg, Clifton Green, Daniel Hauser, Chuan Yang Hwang, Kang Koo, Noo Lee Kim, Inmoo Lee, Kuan Hui Lee, Soh Yoon Lee, Woo Jong Lee, Jennifer Lerner, Emma Li, Ed Lin, Chris Parsons, Harminder Singh, Meir Statman, Alexander Wagner, Yachang Zeng for insightful comments and suggestions. Substantial part of the data collection was done when Andy Kim was working at Nanyang Business School, Singapore. Andy Kim thanks SungKyun Research Grant 2019 that supported additional data collection. Special thanks to Li Rui, Nico Dharmawan, and You Ye of NTU and Yaelim Lee of SKKU for excellent data collection. Also, Min Jung Kang offers thanks for the Summer research grant 2016 by UM‐Flint School of Management. |
| ORCID | 0000-0002-8224-0694 0000-0002-1452-0053 |
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| PublicationDate | April 2024 |
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| PublicationDate_xml | – month: 04 year: 2024 text: April 2024 |
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| PublicationTitle | Asia-Pacific journal of financial studies |
| PublicationYear | 2024 |
| References | 2013; 26 2003; 118 2006; 79 2015; 70 2019; 57 1997; 46 2011; 99 2003; 270 2014; 25 2014; 69 2008; 105 2005; 60 2014; 28 2012b; 49 2012; 58 2013; 7 1998; 112 2012a; 279 2007; 28 2009; 99 2009; 2009 2009; 98 2016; 119 2017; 38 1997; 52 2008; 29 2002; 87 2019; 25 2011; 66 2016; 110 2020; 135 2012; 25 2014; 52 2001; 56 2012; 67 2017; 126 2003; 86 1987; 55 2009; 24 2012 2013; 109 2017; 28 2010 2015; 50 1978; 53 1999; 27 2017; 21 2010; 365 1996; 51 1999; 21 2005 2020; 33 2007; 52 2016; 18 2018; 22 2012; 104 2012; 105 2008; 93 2012; 106 2012; 33 2007; 13 2016; 120 2005; 44 2014; 113 2016; 11 2012; 50 2014; 149 2013; 37 2015; 29 1979; 47 2023 2013; 34 2002; 65 2022; 57 2018 2017 1984; 9 2016 2015 2014 2013 2016; 29 2017; 102 2010; 96 2011; 101 2009; 106 |
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| SubjectTerms | Aggression CEO turnover Financial crisis G01 G02 G20 G39 Media Overconfidence Self‐attribution bias Testosterone Voice pitch |
| Title | The Voice of Risk: Wall Street CEOs' Voice Pitch and the 2008 Financial Crisis |
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