Their study concluded that indeed, young male CEOs are more aggressive and impulsive dealmakers, often leading to destruction of shareholder value in the process. They claim male CEOs > 45 are:
- 4% more likely to be acquisitive than older CEOs
- 20% more likely to recall a previous offer
- 2% more likely to force a tender offer as opposed to a negotiated agreement
They try to control for attributes such as CEO tenure, etc playing a role but also admit that without actual testosterone testing, there could be other factors at play.