Please use this identifier to cite or link to this item: http://hdl.handle.net/11328/3478
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dc.contributor.authorCarvalho, Margarita-
dc.contributor.authorCerejeira, João-
dc.date.accessioned2021-04-27T15:57:27Z-
dc.date.available2021-04-27T15:57:27Z-
dc.date.issued2019-
dc.identifier.citationCarvalho, M., & Cerejeira, J. (2019). Level leverage decisions and manager characteristics. NIPE Working Papers, 09/2019, 1-43, Universidade do Minho. Disponível no Repositório UPT, http://hdl.handle.net/11328/3478pt_PT
dc.identifier.urihttp://hdl.handle.net/1822/61679-
dc.identifier.urihttp://hdl.handle.net/11328/3478-
dc.description.abstractThis study assess how manager’s characteristics may influence leverage decisions. Using data from European banks, the results show that younger managers are risk-prone and less conservative in leverage decisions. Moreover, it is observed that for higher levels of leverage more experienced managers tend to increase leverage. This is also true for managers with a longer tenure as they may bring their personal preferences towards risk and in this sense they will be more able to increase leverage. However, this effect differs according to the level of leverage at the manager’s appointment date. The inclusion of the decision horizon seems to validate the idea that a short-term managerial horizon enhances the self-interested behaviour of the manager and this may be reflected on capital structure decisions.pt_PT
dc.language.isoengpt_PT
dc.publisherUniversidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)pt_PT
dc.relationFCTpt_PT
dc.rightsopenAccesspt_PT
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/pt_PT
dc.subjectQuantile regressionpt_PT
dc.subjectBankspt_PT
dc.subjectCapital structurept_PT
dc.subjectManager’s characteristicspt_PT
dc.titleLevel leverage decisions and manager characteristicspt_PT
dc.typeworkingPaperpt_PT
dc.peerreviewedyespt_PT
degois.publication.firstPage1pt_PT
degois.publication.lastPage43pt_PT
degois.publication.volume9pt_PT
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