CEO Voice Pitch–Deeper Voice; deeper pockets

/CEO Voice Pitch–Deeper Voice; deeper pockets

CEO Voice Pitch–Deeper Voice; deeper pockets

By | 2017-08-18T17:08:17+00:00 December 5th, 2012|Research Insights, Behavioral Finance|0 Comments

Just when you thought academics were not wasting their time doing incredibly useless research, along comes this intriguing research:

Voice Pitch Predicts Labor Market Success among Male Chief Executive Officers

by William Mayew and Mohan Venkatachalam

Paper link

A deep voice is evolutionarily advantageous for males, but does it confer benefit in competition for leadership positions? We study a large sample of male public-company Chief Executive Officers (CEOs) and find that CEOs with deeper voices manage larger companies, and as a result, make more money. A 1% decrease in voice pitch is associated with a $30 million increase in the size of the firm managed, and in turn, $19 thousand more in annual compensation. The effects of voice pitch on labor market success are more pronounced in settings where the CEOs have more discretion. The results support recent experimental predictions suggesting voice pitch matters in leadership selection.

Time to start training!


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About the Author:

After serving as a Captain in the United States Marine Corps, Dr. Gray earned a PhD, and worked as a finance professor at Drexel University. Dr. Gray’s interest in bridging the research gap between academia and industry led him to found Alpha Architect, an asset management that delivers affordable active exposures for tax-sensitive investors. Dr. Gray has published four books and a number of academic articles. Wes is a regular contributor to multiple industry outlets, to include the following: Wall Street Journal, Forbes,, and the CFA Institute. Dr. Gray earned an MBA and a PhD in finance from the University of Chicago and graduated magna cum laude with a BS from The Wharton School of the University of Pennsylvania.

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