Maria-Teresa Marchica

TL;DR: In this paper, the authors extend the literature on how managerial traits relate to corporate choices by documenting that firms run by female CEOs have lower leverage, less volatile earnings, and a higher chance of survival than otherwise similar firms running by male CEOs, and that transitions from male to female CEOs are associated with economically and statistically significant reductions in corporate risk-taking.

TL;DR: In this article, the authors reconstruct the portfolios of shareholders who hold equity stakes in private and publicly-traded European firms and find great heterogeneity in the degree of portfolio diversification across large shareholders.

TL;DR: In this paper, the authors extend the literature on how managerial traits relate to corporate choices by documenting that firms run by female CEOs have lower leverage, less volatile earnings, and a higher chance of survival than otherwise similar firms running by male CEOs, and that transitions from male to female CEOs are associated with economically and statistically significant reductions in corporate risk-taking.

TL;DR: In this paper, the authors demonstrate that a conservative leverage policy directed at maintaining financial flexibility can enhance investment ability, and that financial flexibility in the form of untapped reserves of borrowing power is crucial missing link in capital structure theory.

TL;DR: In this article, the authors reconstruct the portfolios of shareholders who hold equity stakes in private and publicly-traded European firms and find great heterogeneity in the degree of portfolio diversification across large shareholders.