Building on upper echelons theory and implicit leadership theory, we examine if the personal attributes of CEOs of firms undertaking an initial public offering influence the pricing decisions of investment bankers. We argue that charisma and humility in CEOs alter two of the most important decisions of investment bankers: determining the firm's offer price range and setting the firm's actual offer price. Specifically, we argue that the perceptions and negotiation abilities of more charismatic CEOs result in higher offer prices and smaller offer price ranges for their firms. We also argue that the perceptions and negotiation abilities of more humble CEOs result in lower offer prices and broader offer price ranges for their firms.

中文翻译：

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CEO的个人特质在IPO定价过程中重要吗？对魅力和谦逊的审视

基于高层理论和隐性领导理论，我们研究了进行首次公开​​募股的公司首席执行官的个人属性是否影响投资银行家的定价决策。我们认为，首席执行官的魅力和谦逊改变了投资银行家的两个最重要的决策：确定公司的报价范围和设定公司的实际报价。具体来说，我们认为更具魅力的首席执行官的看法和谈判能力会导致其公司的报价更高和报价范围更小。我们还认为，更谦虚的首席执行官的看法和谈判能力会导致其公司的报价更低和报价范围更广。