“…To the best of our knowledge, no finance study explores the effects of managerial conservatism measured by a signature style proxy (i.e., avoiding disclosing first name). Motivated by the above psychology research (i.e., Boshier, 1973aBoshier, , 1973bBoshier, , 1968Hartman, 1958), we use the signature styles of S&P500 CEOs as a proxy for conservatism. We handcollect the handwritten signatures on firms' financial statements (e.g., 10-K, proxy filings, scanned documents) from the Securities and Exchange Commission (SEC)'s and firms' websites from 2002 to 2017.…”