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Excès de confiance des dirigeants et décisions financières:une synthèse

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  • Véronique Bessière

    (Université de Montpellier 1)

Abstract

(VF)La recherche en finance comportementale d’entreprise s’est fortement développée ces dernières années. Cet article propose une synthèse des premières recherches consacrées à l’excès de confiance des dirigeants et son impact sur les décisions financières. La littérature disponible confirme la présence marquée du biais chez les dirigeants d’entreprises et son impact sur la politique d’investissement et de financement. De nombreuses questions restent à explorer, relatives à la mesure de l’excès de confiance et à l’appréhension des effets positifs/négatifs du biais.(VA)This paper reviews the growing research area of behavioral corporate finance, focusing on articles regarding the intensity of executives’ overconfidence and its role in financial decision making. Studies report evidence of distortions in corporate investment and financing decisions due to CEO overconfidence. Many empirical challenges are emerging, related to overconfidence measures and positive/negative effects of managerial overconfidence.

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Bibliographic Info

Article provided by revues.org in its journal Revue Finance Contrôle Stratégie.

Volume (Year): 10 (2007)
Issue (Month): 1 (March)
Pages: 39-66

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Handle: RePEc:dij:revfcs:v:10:y:2007:i:q1:p:39-66

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Related research

Keywords: finance comportementale d’entreprise; excès de confiance; décision financière; behavioral corporate finance; overconfidence; financial decision making.;

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References

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  1. Matthew T. Billett & Yiming Qian, 2008. "Are Overconfident CEOs Born or Made? Evidence of Self-Attribution Bias from Frequent Acquirers," Management Science, INFORMS, vol. 54(6), pages 1037-1051, June.
  2. Sara B. Moeller & Frederik P. Schlingemann & Rene M. Stulz, 2004. "Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave," NBER Working Papers 10200, National Bureau of Economic Research, Inc.
  3. Barberis, Nicholas & Thaler, Richard, 2003. "A survey of behavioral finance," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 18, pages 1053-1128 Elsevier.
  4. Ulrike Malmendier & Geoffrey Tate, 2004. "CEO Overconfidence and Corporate Investment," NBER Working Papers 10807, National Bureau of Economic Research, Inc.
  5. Antonio Bernardo & Ivo Welch, 2001. "On the Evolution of Overconfidence and Entrepreneurs," Yale School of Management Working Papers ysm211, Yale School of Management, revised 01 Nov 2003.
  6. Hersh Shefrin, 2001. "Behavioral Corporate Finance," Journal of Applied Corporate Finance, Morgan Stanley, vol. 14(3), pages 113-126.
  7. Marianne Bertrand & Antoinette Schoar, 2003. "Managing With Style: The Effect Of Managers On Firm Policies," The Quarterly Journal of Economics, MIT Press, vol. 118(4), pages 1169-1208, November.
  8. Dan Lovallo & Colin Camerer, 1999. "Overconfidence and Excess Entry: An Experimental Approach," American Economic Review, American Economic Association, vol. 89(1), pages 306-318, March.
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  13. De Bondt, Werner F M & Thaler, Richard, 1985. " Does the Stock Market Overreact?," Journal of Finance, American Finance Association, vol. 40(3), pages 793-805, July.
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  15. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-48, December.
  16. Kolstad, Charles D. & Guzman, Rolando M., 1999. "Information and the Divergence between Willingness to Accept and Willingness to Pay," Journal of Environmental Economics and Management, Elsevier, vol. 38(1), pages 66-80, July.
  17. Hackbarth, Dirk, 2008. "Managerial Traits and Capital Structure Decisions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 43(04), pages 843-881, December.
  18. Malcolm Baker & Richard S. Ruback & Jeffrey Wurgler, 2004. "Behavioral Corporate Finance: A Survey," NBER Working Papers 10863, National Bureau of Economic Research, Inc.
  19. Daniel Kahneman & Dan Lovallo, 1993. "Timid Choices and Bold Forecasts: A Cognitive Perspective on Risk Taking," Management Science, INFORMS, vol. 39(1), pages 17-31, January.
  20. Roll, Richard, 1986. "The Hubris Hypothesis of Corporate Takeovers," The Journal of Business, University of Chicago Press, vol. 59(2), pages 197-216, April.
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Cited by:
  1. Kamal Anouar, 2013. "L'Exces De Confiance Des Dirigeants Et La Decision De Distribution De Dividendes : Une Analyse Lexicale," Working Papers halshs-00797635, HAL.

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