題目：Life is Too Short? Bereaved Managers and Investment Decisions（人生苦短？失親經(jīng)理人與投資決策）

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

研究問題：經(jīng)理人經(jīng)歷親人逝去是否會影響其風險偏好，進而影響投資決策

研究動機：經(jīng)理個人經(jīng)歷與所在組織決策的研究備受關注，但是這類研究受到內生性問題干擾，難以建立嚴明的因果關系。利用經(jīng)理人親人逝去作為外生沖擊，探究個人經(jīng)歷對組織決策影響。

研究設計：經(jīng)理人分別選擇基金經(jīng)理以及上市公司CEO；以經(jīng)理人親人逝去作為外生沖擊，構造DID

研究貢獻：深化個人情緒引致的風險偏好變化

特別的點：引言對于個人經(jīng)歷與組織決策研究的內生性困擾討論細致；實證上排除了很多其他可能的理論解釋

注：個人翻譯和解讀，可能存在疏漏和錯誤,僅供參考(20220419)。