Page 7 - 34-2

Employing the five-factor personality model (FFM) and the Open Language Chief
Executive Personality Tool (OLCPT), they focus on CEO extraversion and collect related
data from the S&P 500 firms from 2007 to 2019. They find a significant and positive
association between CEO extraversion and firm operating performance. They also find
that homogeneity in Top Management Team (TMT) backgrounds and equity volatility
significantly weaken this positive association while TMT’s shared working experience
and market competitiveness significantly strengthen it. Finally, the results remain
consistent even when they control for the effects of other four personality traits (i.e.
conscientiousness, neuroticism, agreeableness, and openness), employing difference-in-
difference analysis, using TMT tenure homogeneity as the moderator instead, and utilizing
alternative proxies of accounting- and market-based performance.
The fourth article titled “Order Choices, Order Execution Quality, and Trading
Volume: Evidence from Reductions in the Call Auction Interval” in the field of finance by
Tseng examines the direct impact of reducing the call auction interval on order choices,
order execution quality, and trading volume of investors participating in the Taiwan Stock
Exchange (TWSE). Specifically, the study focuses on the policy impact of the reductions
of auction interval from 25 seconds to 20 seconds (hereafter denoted as Reform I) since
July 1, 2013, and from 10 seconds to 5 seconds (hereafter denoted as Reform II) since
December 29, 2014, on the TWSE. The study shows that the “time contraction” effect
results in the decrease in the number of order submissions and cancellations. It supports
the notion that institutional investors and individual investors react differently to these
two reforms. Moreover, the study finds that following Reform I, the trade value of heavily
traded stocks increases by 10.57%. After Reform II, the increase in percentage of trade
value attributable to institutional investors is 1.56%.
The fifth article titled “The Regulation of Non-GAAP Reporting and Earnings
Management: Evidence from the Recognition of Opportunistic Special Items” in the field
of accounting by Chang, Chen, Cheng, and Liao explores whether the change in the U.S.
SEC’s regulation of non-GAAP reporting in 2010 affects firms’ earnings management
through the recognition of opportunistic special items. Specifically, the Compliance
and Disclosure Interpretations (hereafter C&DIs) released in 2010 relax the exclusion
restrictions imposed by Regulation G and to give companies more flexibility in excluding
other items in the calculation of non-GAAP earnings. Using the difference-in-differences
method, they find that compared with firms not reporting non-GAAP earnings, firms
disclosing non-GAAP earnings reduce the recognition of opportunistic special items