Explanations From Anthropology For The Behaviors Of Corporate Finance

According to research on corporate government and corporate finance,the fundamental theory of manager’s characteristics is that,both of personalities and characteristic of mentality result from lives experiences.Whereas,the evolution of phycology and personalities determined by innate cause and nurture factors.The investors are social beings,as well as human beings.Except for the characteristics developing by life experience,the congenital factors are another important significant element.Now,the research on characteristics resulting from experience has been taking the important role.But,the first impression of managers is the foremost and uncover information s to investors.Although,the congenital factor and experience factor work in the same way,there is no evidence for the arguments(Yifeng SHEN and Fule WANG,2016),it is also a pity that,the researches on innate characteristics of managers are scarcely.Basing on the classical theories of phycology,physiology and anthropology,we construct our fundamental principles.This dissertation takes the time of Initial Public Offer for research,analyses the mechanism of managers’ appearance,voice,expression and emotions impacting to capital market and corporate government.This research addresses a topic of general interest,compliment several streams of literature and conclusions in the following ways:1,employing deep learning technology of machine learning for manipulating the unique data,we that(1)the investors prefer companies with good-looking CEO.CEO’s good appearance is negatively associated with low new shares purchase success rate and high turnover rate on the first trading day.(2)"Beauty Premium" stand in IPOs.Among good-looking CEOs,better appearence,lower IPO underpricing,but that is not obvious for others.(3)Investors shows "Low Voice Preference".Low-voice pitch of managers is positively with higher passion of IPO market and lower IPO underpricing,as well as higher firms’ value.(4)Comparatively,the voice influences is more stable than appearance.2,the physiological characteristics and personalities,concluding from voice of managers,take a significant effect on investors’ recognition.The investors prefer the low and deep pitch voice.The firm value and IPO performance show the influenced evidence for "Deep Voice Preference".3,the emotion from facial motions could influence IPO performance,positive emotion promotes the IPO subscription participation,and,negative emotion vice versa.So the signal from managers’ emotion has underlying impacts on investors.Especially,investors are more sensitive to negative emotion,the low IPO underpricing with more negative emotion,higher IPO underpricing coming with more positive emotion.Besides,the afterwards finance behaviors is relative with emotions shown at that time.From the perspectives of Finance and anthropology,the contribution and innovation of this study lie in the following ways:1,in the development of finance,this study make an interdisciplinary research of anthropology and finance,set up a new research area.2,although there is few study about managers(CEOs,Chairmen and Analysts)appearance in finance,this is nearly the first study of managers’ voice and emotion and finance.Our study should be initial research.3,this study gets some important conclusions from exploration of appearance,voice and emotion.The managers’ appearance and facial traits have no significant effects on IPO underpricing;Investors show traits of "Deep Voice Preference".Positive emotions of managers could promote the IPO performance,meanwhile,negative emotions cast the ability of rational pricing to investors.4,our study take the IPO roadshow events for research,get some interesting findings.Show some evidence for the importance of IPO roadshow process for industry,which has been neglected for a long time.In views of being short of literatures and sufficient studies,as well as accurate methodology,this study has some disadvantages as following:First,the key point of this study is to find the right way of managers’ anthropology characteristics to corporate finance.It is indeed difficult to find the methods,but that is possible to get the variable for measuring.Second,there are kinds of literature from different disciplines for explanation out findings,but more important is that,the direct evidence of relationship between facial traits,voice and emotion with personality.Third,Except for IPO roadshow,we should find more events study and other common setting for further studies,such as manager turnover.At last,we want evolve the whole frame of calculating traits of face,voice and emotion from artificial intelligence.