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Review of Accounting Studies

Trump election and minority CEO pessimism

  • 01-07-2024
Published in:
Authors
Xiaoli Hu
Ya Kang
Oliver Zhen Li
Yupeng Lin
Published in
Review of Accounting Studies | Issue 1/2025

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Abstract

The study focuses on the impact of the Trump election on the pessimism of ethnic minority CEOs, using management earnings forecasts as a proxy for their self-assessments. The authors hypothesize that increased ethnic threats following the election would lead minority CEOs to exhibit more pessimism in their forecasts. The research employs a difference-in-differences (DiD) estimation method to compare pessimism levels before and after the election, finding that minority CEOs indeed become more pessimistic. The study also examines the mechanisms underlying this pessimism, suggesting that less experienced or less confident CEOs are more prone to such biases. The findings are robust to various alternative explanations and provide insights into the behavioral effects of ethnic tension on corporate disclosures.
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previous article Unexpected defaults: the role of information opacity
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Title
Trump election and minority CEO pessimism
Authors
Xiaoli Hu
Ya Kang
Oliver Zhen Li
Yupeng Lin
Publication date
01-07-2024
Publisher
Springer US
Published in
Review of Accounting Studies / Issue 1/2025
Print ISSN: 1380-6653
Electronic ISSN: 1573-7136
DOI
https://doi.org/10.1007/s11142-024-09843-7
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