How Management Risk Affects Corporate Debt

We would like to thank Shan Ge, Tyler Jensen, Abby Kim, Dongxu Li, Xingzhou Li, Keeseon Nam, Xi Wu and Julian Zhang for excellent research assistance. Participants in presentations at Arizona, Beijing University, CKGSB, Fullerton, George Washington, London Business School, University of Minnesota, Ohio State University, University of Oregon, Southern Methodist University, University of Southern California, University of Texas-Dallas, University of Utah, Villanova University, 2015 Western Finance Association Meeting, 2015 Annual Conference on Financial Economics and Accounting, and 2015 FMA Asia Annual Meeting, as well as Benjamin Bennett, Jeff Coles, Michael Cooper, Naveen Daniel, Harry DeAngelo, Isil Erel, Steve Karolyi, Sigitas Karpavicius, John Matsusaka, Stanislava Nikolova, Oded Palmon, Miriam Schwartz-Ziv, Berk Sensoy, Henri Servaes, Anil Shivdasani, Léa Stern, Luke Taylor, Jun Yang, Xiaoyun Yu, Lu Zhang, and an anonymous referee provided very helpful suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.