February 16, 2020, Paper: "We examine the relationship between the gender of executives and corporate creditor recovery rates. Using 2,288 defaulted debt instruments, we ﬁnd that female executives are associated with higher creditor recovery rates. Our ﬁndings are robust to tests that correct for potential self-selection inherent in studies of executive gender. We ﬁnd evidence suggesting that conservatism in ﬁnancial reporting and risk taking are potential channels through which gender affects creditor recovery rates. In additional tests, we ﬁnd that the effects of executive gender persists across default types and the 2008 global ﬁnancial crisis. We also show that gender diversity on the board does not moderate the effect of executive gender."
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