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The current paper studies how CEO attributes could influence corporate risk-taking. The authors examine the effects of CEO demographic attributes and CEO position's attributes on financial and strategic risk-taking.

This study is drawn on non-financial firms listed on the SBF120 index, between 2001 and 2013.

First, long-tenured CEOs are prone to decrease the total risk and the leverage ratio. Second, despite the many CEOs have political connections; they are not prone to engage in risky decisions not serving the business' interests. Third, old CEOs are likely to rely on debt to fund internal growth. Moreover, business and science-educated CEOs behave differently in terms of risk-taking. Finally, the authors show that CEOs' attributes have less influential effects in family firms than in non-family firms. Also, they seem to have more significant associations with risk-taking during and after the financial subprime crisis.

This paper examines how cognitive traits could shape investments decisions, in terms of risk preferences.

The purpose of this paper is to examine the gender diversity on boards and its effect on stock market liquidity in French boardrooms.

Using a sample of French firms between 2002 and 2012 listed on the Paris Stock Exchange (SBF120), the study uses ordinary least squares and three-stage least squares (3SLS) regressions to address endogeneity concerns on the board gender diversity.

The results show that stock market liquidity is positively and significantly associated with the presence of women directors. The authors find that investors’ decisions vary according to their positions in the board: women independent members decrease illiquidity costs, while the presence of female inside directors increases daily trading volume. In addition, the presence of female inside directors increases the firm’s ability to implement better strategies that cope with economic, social and environmental constraints which leads investors to positively react. Surprisingly, the presence of female independent directors reduces company involvement in sustainable development projects.

The empirical findings contribute to the current debate on the benefits of gender diversity on corporate boards and the effectiveness of gender-quota laws. It shows that appointing insider female’ directors incite investors to trade more stocks while appointing independents ones reduces their trading costs.

This paper shows that the benefits of female directors appointing depend on their independence of management team.

This study addresses the endogeneity between stock market liquidity, corporate governance and gender diversity. It is the first study to distinguish between the effects of women inside and independent directors on investors’ trading decisions.

The purpose of this paper is to investigate the effect of female members in boards of directors on asymmetric information in the French stock market.

The authors use two proxies for asymmetric information: the idiosyncratic volatility and the bid-ask spread. This study is conducted on all listed firms in the SBF 120 index between 2002 and 2012.

Results show that gender diversity in boardrooms has a negative effect on the level of private information in stock markets and reduces the bid-ask spread. However, these effects are significant in family-controlled firms: female inside directors significantly increase the idiosyncratic volatility and the bid-ask spread, while female independent directors decrease both proxies for stock market liquidity.

Our empirical findings contribute to the current debate on the benefits of gender diversity on corporate boards from the market perspective. It shows that, under specific conditions, financial markets could be receptive to the presence of female directors in boardrooms.

Practitioners and policymakers advocate the benefits of gender diversity on corporate boards. This paper shows that when the protection of minority shareholders is poor, the stock market is receptive to the presence of women independent directors, only in family controlled firms. This is a further argument that could help women to overcome glass-ceiling barriers they usually face to achieve top management positions.

This paper provides support for the increased attention paid to gender-diverse boards. It addresses the market sensitivity toward the presence of women members in French boardrooms and their positions. This is the first paper, to the best of our knowledge, to address how appointing women to different positions in the boardroom could provide signals to investors in the presence of asymmetric information. French firms are mostly family controlled. Thus, the findings bring valuable information of the impact of board diversity on the stock market considering family and nonfamily firms.

The purpose of this paper is to analyze the impact of public and private information of Tunisian firms on stock liquidity.

The paper uses a sample of 41 Tunisian firms listed in Tunis Stock Exchange for the year 2007. Public information disclosed in annual reports and in web sites is measured by two self‐constructed disclosure indexes. To assess private information the authors use imbalance order flows. The stock liquidity proxy used in the study is Liu's multidimensional measure. Ordinary least squares (OLS) regression is applied to model the relationship between firm's information environment and stock liquidity.

First, the results provide evidence that public and private information are independent. Second, Tunisian investors do not trust the information disclosed in both annual reports and web sites, consequently it has no effect on stock liquidity, in contrast with private information. This result implies that Tunisian investors are overconfident and rely only on their private information.

The paper's findings indicate that Tunisian regulation efforts to enhance corporate transparency are not sufficient. Hence, Tunisian firms need more incentives to disclose more information to investors.

This paper, to the authors’ best knowledge, is the first to investigate the effect of both private and public information on stock liquidity. Moreover, the authors were not limited to annual reports as the only source of public information, as were prior papers, because public information was assessed in both annual reports and corporate web sites.