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Managerial Overconfidence and Corporate Policies

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Cited by:

  1. Sawssen Khlifi & Ghazi Zouari, 2021. "The Impact of CEO Overconfidence on Real Earnings Management: Evidence from M&A Transactions," Journal of Accounting and Management Information Systems, Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, vol. 20(3), pages 402-424, September.
  2. Elsas, Ralf & Florysiak, David, 2008. "Empirical Capital Structure Research: New Ideas, Recent Evidence, and Methodological Issues," Discussion Papers in Business Administration 4743, University of Munich, Munich School of Management.
  3. Deaves, Richard & Lüders, Erik & Schröder, Michael, 2010. "The dynamics of overconfidence: Evidence from stock market forecasters," Journal of Economic Behavior & Organization, Elsevier, vol. 75(3), pages 402-412, September.
  4. Michele Dell'Era & Luis Santos-Pinto, 2011. "Entrepreneurial Overconfidence, Self-Financing and Capital Market Efficiency," Cahiers de Recherches Economiques du Département d'économie 11.06, Université de Lausanne, Faculté des HEC, Département d’économie, revised Nov 2012.
  5. repec:zbw:bofrdp:2019_018 is not listed on IDEAS
  6. Hédia Fourati & Rihab Ben Attitalah, 2018. "Entrepreneurial Optimism, The Nature Of Entrepreneurial Experience And Debt Decision For Business Start-Up," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 22(03), pages 1-26, April.
  7. David K. Ding & Hardjo Koerniadi & Chandrasekhar Krishnamurti, 2020. "What Drives the Declining Wealth Effect of Subsequent Share Repurchase Announcements?," JRFM, MDPI, vol. 13(8), pages 1-14, August.
  8. Tobias Adrian & Mark M. Westerfield, 2009. "Disagreement and Learning in a Dynamic Contracting Model," Review of Financial Studies, Society for Financial Studies, vol. 22(10), pages 3873-3906, October.
  9. Salima TAKTAK & Mohamed Ali AZOUZI & Mohamed TRIKI, 2013. "Why Entrepreneur Overconfidence Affect Its Project Financial Capability: Evidence From Tunisia Using The Bayesian Network Method," Business Excellence and Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 3(2), pages 61-84, June.
  10. David Hirshleifer & Angie Low & Siew Hong Teoh, 2012. "Are Overconfident CEOs Better Innovators?," Journal of Finance, American Finance Association, vol. 67(4), pages 1457-1498, August.
  11. Markus Glaser & Martin Weber, 2007. "Overconfidence and trading volume," The Geneva Papers on Risk and Insurance Theory, Springer;International Association for the Study of Insurance Economics (The Geneva Association), vol. 32(1), pages 1-36, June.
  12. Tomas Sjöström & Levent Ülkü & Radovan Vadovic, 2017. "Free to Choose: Testing the Pure Motivation Effect of Autonomous Choice," Carleton Economic Papers 17-11, Carleton University, Department of Economics.
  13. Hilary, Gilles & Hsu, Charles, 2011. "Endogenous overconfidence in managerial forecasts," Journal of Accounting and Economics, Elsevier, vol. 51(3), pages 300-313, April.
  14. Ulrike Malmendier & Geoffrey Tate & Jonathan Yan, 2010. "Overconfidence and Early-life Experiences: The Impact of Managerial Traits on Corporate Financial Policies," NBER Working Papers 15659, National Bureau of Economic Research, Inc.
  15. Serpil Tomak, 2013. "The Impact of Overconfidence on Capital Structure in Turkey," International Journal of Economics and Financial Issues, Econjournals, vol. 3(2), pages 512-518.
  16. Eisenbach, Thomas M. & Schmalz, Martin C., 2016. "Anxiety in the face of risk," Journal of Financial Economics, Elsevier, vol. 121(2), pages 414-426.
  17. Ulrike Malmendier & Geoffrey Tate & Jonathan Yan, 2007. "Corporate Financial Policies With Overconfident Managers," NBER Working Papers 13570, National Bureau of Economic Research, Inc.
  18. Nosic, Alen & Weber, Martin, 2007. "Determinants of Risk Taking Behavior: The role of Risk Attitudes, Risk Perceptions and Beliefs," Sonderforschungsbereich 504 Publications 07-56, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  19. Alexander Puetz & Stefan Ruenzi, 2011. "Overconfidence Among Professional Investors: Evidence from Mutual Fund Managers," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 38(5-6), pages 684-712, June.
  20. Nishwa Iqbal Dar & Syed Zulfiqar Ali Shah & Zeeshan Ahmed, 2021. "Behavioral Cost of Managerial Decisions Under Risk Perception and Culture: A Comparative Study Between the United States and Pakistan," SAGE Open, , vol. 11(3), pages 21582440211, July.
  21. Ferreira, Daniel & Athanasakou, Vasiliki & Goh, Lisa, 2017. "Changes in CEO Stock Option Grants: A Look at the Numbers," CEPR Discussion Papers 12318, C.E.P.R. Discussion Papers.
  22. Schrand, Catherine M. & Zechman, Sarah L.C., 2012. "Executive overconfidence and the slippery slope to financial misreporting," Journal of Accounting and Economics, Elsevier, vol. 53(1), pages 311-329.
  23. Dedu Vasile & Turcan Ciprian Sebastian & Turcan Radu, 2012. "An Introduction To Behavioral Corporate Finance," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 471-476, December.
  24. Chen, Anlin & Lu, Cheng-Shou, 2015. "The effect of managerial overconfidence on the market timing ability and post-buyback performance of open market repurchases," The North American Journal of Economics and Finance, Elsevier, vol. 33(C), pages 234-251.
  25. Kuhnen, Camelia M. & Knutson, Brian, 2011. "The Influence of Affect on Beliefs, Preferences, and Financial Decisions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(3), pages 605-626, June.
  26. Dirk Jenter & Katharina Lewellen & Jerold B. Warner, 2011. "Security Issue Timing: What Do Managers Know, and When Do They Know It?," Journal of Finance, American Finance Association, vol. 66(2), pages 413-443, April.
  27. Juwon Jang & Eunju Lee, 2024. "CEO confidence matters: the real effects of short sale constraints revisited," Review of Quantitative Finance and Accounting, Springer, vol. 62(2), pages 603-636, February.
  28. Hackbarth, Dirk, 2009. "Determinants of corporate borrowing: A behavioral perspective," Journal of Corporate Finance, Elsevier, vol. 15(4), pages 389-411, September.
  29. Cronqvist, Henrik & Low, Angie & Nilsson, Mattias, 2007. "Does Corporate Culture Matter for Firm Policies?," SIFR Research Report Series 48, Institute for Financial Research.
  30. Nikolai Roussanov & Pavel G. Savor, 2012. "Status, Marriage, and Managers' Attitudes To Risk," NBER Working Papers 17904, National Bureau of Economic Research, Inc.
  31. Mike Dempsey, 2014. "The Modigliani and Miller Propositions: The History of a Failed Foundation for Corporate Finance?," Abacus, Accounting Foundation, University of Sydney, vol. 50(3), pages 279-295, September.
  32. Geiler, P.H.M. & Renneboog, L.D.R., 2014. "Executive Remuneration and the Payout Decision," Other publications TiSEM d9ae7344-0a29-4aa0-a016-8, Tilburg University, School of Economics and Management.
  33. Erwann Michel-Kerjan & Paul A. Raschky & Howard C. Kunreuther, 2009. "Corporate Demand for Insurance: An Empirical Analysis of the U.S. Market for Catastrophe and Non-Catastrophe Risks," Working Papers 2009-10, Faculty of Economics and Statistics, Universität Innsbruck.
  34. Gerald J. Lobo & Ashok Robin & Kean Wu, 2020. "Share repurchases and accounting conservatism," Review of Quantitative Finance and Accounting, Springer, vol. 54(2), pages 699-733, February.
  35. F. Castellaneta & O. Gottschalg & M. Wright, 2012. "The Fruits Of Iterative Learning And Negative Performance Feedbacks: Evidence From Private Equity Backed Buyouts," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 12/770, Ghent University, Faculty of Economics and Business Administration.
  36. Elżbieta Bukalska & Marek Zinecker & Michał Bernard Pietrzak, 2021. "Socioemotional Wealth (SEW) of Family Firms and CEO Behavioral Biases in the Implementation of Sustainable Development Goals (SDGs)," Energies, MDPI, vol. 14(21), pages 1-15, November.
  37. Niu Weining, 2017. "Effect of Disagreement on Corporate Financing Policy and Investment Level," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 7(4), pages 349-357, April.
  38. Sabri Boubaker & Taher Hamza, 2014. "Does managerial overconfidence matter in explaining debt financing policy?," Economics Bulletin, AccessEcon, vol. 34(4), pages 2324-2339.
  39. Siziba, Simiso & Hall, John Henry, 2021. "The evolution of the application of capital budgeting techniques in enterprises," Global Finance Journal, Elsevier, vol. 47(C).
  40. Steven N. Kaplan & Mark M. Klebanov & Morten Sorensen, 2008. "Which CEO Characteristics and Abilities Matter?," NBER Working Papers 14195, National Bureau of Economic Research, Inc.
  41. Michael Dempsey, 2015. "Stock Markets, Investments and Corporate Behavior:A Conceptual Framework of Understanding," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number p1007, January.
  42. Kyung-Hee Park & Jinho Byun & Paul Moon Sub Choi, 2019. "Managerial Overconfidence, Corporate Social Responsibility Activities, and Financial Constraints," Sustainability, MDPI, vol. 12(1), pages 1-14, December.
  43. Hardeep Singh Mundi & Parmjit Kaur, 2019. "Impact of CEO Overconfidence on Firm Performance: An Evidence from S&P BSE 200," Vision, , vol. 23(3), pages 234-243, September.
  44. Wu, Meng-Wen & Xu, Li & Shen, Chung-hua & Zhang, Ke-Kun, 2021. "Overconfident CEOs and shadow banking in China," Pacific-Basin Finance Journal, Elsevier, vol. 65(C).
  45. He, Ying & Chen, Cindy & Hu, Yue, 2019. "Managerial overconfidence, internal financing, and investment efficiency: Evidence from China," Research in International Business and Finance, Elsevier, vol. 47(C), pages 501-510.
  46. Li, Delong & Lu, Lei & Mu, Congming & Yang, Jinqiang, 2019. "Biased beliefs, costly external finance, and firm behavior : A Unified theory," Research Discussion Papers 18/2019, Bank of Finland.
  47. Kotov, Denis, 2013. "Behavioral Biases and Corporate Decision Making on Investing Abroad," MPRA Paper 49858, University Library of Munich, Germany.
  48. Choi, Paul Moon Sub & Chung, Chune Young & Liu, Chang, 2018. "Self-attribution of overconfident CEOs and asymmetric investment-cash flow sensitivity," The North American Journal of Economics and Finance, Elsevier, vol. 46(C), pages 1-14.
  49. Ridha Esghaier, 2017. "Capital Structure Choices and Behavioral Biases: An Application to a Panel of US Industrial Companies," International Journal of Economics and Financial Issues, Econjournals, vol. 7(4), pages 608-622.
  50. Bharati, Rakesh & Doellman, Thomas & Fu, Xudong, 2016. "CEO confidence and stock returns," Journal of Contemporary Accounting and Economics, Elsevier, vol. 12(1), pages 89-110.
  51. Chen, Yangyang & Dou, Paul Y. & Rhee, S. Ghon & Truong, Cameron & Veeraraghavan, Madhu, 2015. "National culture and corporate cash holdings around the world," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 1-18.
  52. Hanh Thi My Le & Qian Long Kweh & Irene Wei Kiong Ting & Mohammad Nourani, 2022. "CEO power and earnings management: Dual roles of foreign shareholders in Vietnamese listed companies," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 1240-1256, January.
  53. Daniel J. Walters & Philip M. Fernbach & Craig R. Fox & Steven A. Sloman, 2017. "Known Unknowns: A Critical Determinant of Confidence and Calibration," Management Science, INFORMS, vol. 63(12), pages 4298-4307, December.
  54. James Ang & Rebel Cole & Daniel Lawson, 2010. "The Role of Owner in Capital Structure Decisions: An Analysis of Single-Owner Corporations," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 14(3), pages 1-36, Fall.
  55. Gene Amromin & Steven A. Sharpe, 2009. "Expectations of risk and return among household investors: Are their Sharpe ratios countercyclical?," Proceedings, Federal Reserve Bank of San Francisco, issue Jan.
  56. Kenneth Yung & DeQing Diane Li & Qian Susan Sun, 2015. "CEO overconfidence and financial policies of real estate investment trusts (REITs)," Journal of Property Research, Taylor & Francis Journals, vol. 32(4), pages 384-406, December.
  57. Iskandar-Datta, Mai & Shekhar, Shriya, 2020. "Do insider CFOs deliver better acquisition performance?," Journal of Business Research, Elsevier, vol. 118(C), pages 240-252.
  58. Yi Tang & Cuili Qian & Guoli Chen & Rui Shen, 2015. "How CEO hubris affects corporate social (ir)responsibility," Strategic Management Journal, Wiley Blackwell, vol. 36(9), pages 1338-1357, September.
  59. Jorge Hernández-Pérez & Salvador Cruz Rambaud & Tomás Lorenzana de la Varga, 2019. "Economic situation, the key to understanding the links between CEOs’ personal traits and the financial structure of large private companies," PLOS ONE, Public Library of Science, vol. 14(7), pages 1-15, July.
  60. Malcolm Baker & Xin Pan & Jeffrey Wurgler, 2009. "A Reference Point Theory of Mergers and Acquisitions," NBER Working Papers 15551, National Bureau of Economic Research, Inc.
  61. Chen, Sheng-Syan & Wang, Yanzhi, 2012. "Financial constraints and share repurchases," Journal of Financial Economics, Elsevier, vol. 105(2), pages 311-331.
  62. Shardul Phadnis & Chris Caplice & Yossi Sheffi & Mahender Singh, 2015. "Effect of scenario planning on field experts' judgment of long-range investment decisions," Strategic Management Journal, Wiley Blackwell, vol. 36(9), pages 1401-1411, September.
  63. Mohamed Ali AZOUZI & Anis JARBOUI, 2012. "Ceo Emotional Bias And Capital Structure Choice. Bayesian Network Method," Business Excellence and Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 2(2), pages 47-70, June.
  64. Sana Charbti & Fabrice Hervé & Evelyne Poincelot, 2021. "Dividend Policy and Managerial Overconfidence: French Evidence," Post-Print hal-03199452, HAL.
  65. Dimitrios I. Maditinos & Alexandra V. Tsinani & Željko Šević, 2015. "Managerial optimism and the impact of cash flow sensitivity on corporate investment: The case of Greece," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 8(2), pages 35-54, October.
  66. Jiatao Li & Yi Tang, 2013. "The Social Influence of Executive Hubris," Management International Review, Springer, vol. 53(1), pages 83-107, February.
  67. Bodeutsch, D.S. & Franses, Ph.H.B.F., 2015. "Risk attitudes in company boardrooms in a developing country," Econometric Institute Research Papers EI 2015-04, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
  68. Frank M. Song & Li Li, 2012. "Bank Governance: Concepts and Measurements," Chapters, in: James R. Barth & Chen Lin & Clas Wihlborg (ed.), Research Handbook on International Banking and Governance, chapter 1, Edward Elgar Publishing.
  69. Jun, Sang-gyung & Jung, Mookwon & Walkling, Ralph A., 2009. "Share repurchase, executive options and wealth changes to stockholders and bondholders," Journal of Corporate Finance, Elsevier, vol. 15(2), pages 212-229, April.
  70. repec:asi:aeafrj:2018:p:925-946 is not listed on IDEAS
  71. Bacha, Sami & Azouzi, Mohamed Ali, 2019. "How gender and emotions bias the credit decision-making in banking firms," Journal of Behavioral and Experimental Finance, Elsevier, vol. 22(C), pages 183-191.
  72. Jijun Niu, 2010. "The Effect of Overconfidence on the Sensitivity of CEO Wealth to Equity Risk," Journal of Financial Services Research, Springer;Western Finance Association, vol. 38(1), pages 23-39, August.
  73. Gulen, Huseyin & O'Brien, William J., 2017. "Option repricing, corporate governance, and the effect of shareholder empowerment," Journal of Financial Economics, Elsevier, vol. 125(2), pages 389-415.
  74. Maurizio Rocca & Neha Neha & Tiziana Rocca, 2020. "Female management, overconfidence and debt maturity: European evidence," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(3), pages 713-747, September.
  75. William C. Weld & Roni Michaely & Richard H. Thaler & Shlomo Benartzi, 2009. "The Nominal Share Price Puzzle," Journal of Economic Perspectives, American Economic Association, vol. 23(2), pages 121-142, Spring.
  76. Thomas M. Eisenbach & Martin C. Schmalz, 2015. "Anxiety and pro-cyclical risk taking with Bayesian agents," Staff Reports 711, Federal Reserve Bank of New York.
  77. Tosun, Onur Kemel & El Kalak, Izidin & Hudson, Robert, 2022. "How female directors help firms to attain optimal cash holdings," International Review of Financial Analysis, Elsevier, vol. 80(C).
  78. Chan, Alex W.H. & Cheung, Hoi Yan, 2016. "Extraversion, individualism and M&A activities," International Business Review, Elsevier, vol. 25(1), pages 356-369.
  79. Bukalska Elżbieta, 2019. "Testing trade-off theory and pecking order theory under managerial overconfidence," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 55(2), pages 99-117, June.
  80. Jain, Tarun & Hazra, Jishnu & Cheng, T.C.E., 2018. "Sourcing under overconfident buyer and suppliers," International Journal of Production Economics, Elsevier, vol. 206(C), pages 93-109.
  81. Thevenot, Maya, 2012. "The factors affecting illegal insider trading in firms with violations of GAAP," Journal of Accounting and Economics, Elsevier, vol. 53(1), pages 375-390.
  82. Alexandros Sikalidis & Konstantinos Bozos & Antonios Chantziaras & Christos Grose, 2022. "Influences of family ownership on dividend policy under mandatory dividend rules," Review of Quantitative Finance and Accounting, Springer, vol. 59(3), pages 939-967, October.
  83. Marwan M. Abdeldayem & Doaa S. Sedeek, 2018. "Managerial Behavior and Capital Structure Decisions; Do Overconfidence, Optimism and Risk Aversion Matter?," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 8(7), pages 925-945, July.
  84. Cho-Min Lin & Ming-Chung Chang & Yi-Hui Chao, 2022. "The Forced Turnover Effect on an Overconfident CEO: Evidence From Taiwan-Listed Firms," SAGE Open, , vol. 12(1), pages 21582440221, March.
  85. De Paola, Maria & Gioia, Francesca & Scoppa, Vincenzo, 2014. "Overconfidence, omens and gender heterogeneity: Results from a field experiment," Journal of Economic Psychology, Elsevier, vol. 45(C), pages 237-252.
  86. Leitner, Stephan & Rausch, Alexandra & Behrens, Doris A., 2017. "Distributed investment decisions and forecasting errors: An analysis based on a multi-agent simulation model," European Journal of Operational Research, Elsevier, vol. 258(1), pages 279-294.
  87. Boubakri, Narjess & Cosset, Jean-Claude & Mishra, Dev & Somé, Hyacinthe Y., 2023. "The value of risk-taking in mergers: Role of ownership and country legal institutions," Journal of Empirical Finance, Elsevier, vol. 70(C), pages 427-444.
  88. Li, Delong & Lu, Lei & Mu, Congming & Yang, Jinqiang, 2019. "Biased beliefs, costly external finance, and firm behavior: A Unified theory," Bank of Finland Research Discussion Papers 18/2019, Bank of Finland.
  89. Tim R. Adam & Chitru S. Fernando & Evgenia Golubeva, 2012. "Managerial Overconfidence and Corporate Risk Management," SFB 649 Discussion Papers SFB649DP2012-018, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  90. Chiu, Chun-Ju & Ho, Amy Yueh-Fang & Tsai, Li-Fang, 2022. "Effects of financial constraints and managerial overconfidence on investment-cash flow sensitivity," International Review of Economics & Finance, Elsevier, vol. 82(C), pages 135-155.
  91. Alberto Galasso & Timothy S. Simcoe, 2010. "CEO Overconfidence and Innovation," NBER Working Papers 16041, National Bureau of Economic Research, Inc.
  92. Damiano Bruno Silipo & Giovanni Verga & Sviatlana Hlebik, 2017. "Confidence And Overconfidence In Banking," Working Papers 201703, Università della Calabria, Dipartimento di Economia, Statistica e Finanza "Giovanni Anania" - DESF.
  93. Zaremba, Adam & Szyszka, Adam & Long, Huaigang & Zawadka, Dariusz, 2020. "Business sentiment and the cross-section of global equity returns," Pacific-Basin Finance Journal, Elsevier, vol. 61(C).
  94. Katja Rost & Margit Osterloh, 2008. "You Pay a Fee for Strong Beliefs: Homogeneity as a Driver of Corporate Governance Failure," CREMA Working Paper Series 2008-28, Center for Research in Economics, Management and the Arts (CREMA).
  95. Presley, Theresa J. & Abbott, Lawrence J., 2013. "AIA submission: CEO overconfidence and the incidence of financial restatement," Advances in accounting, Elsevier, vol. 29(1), pages 74-84.
  96. Deshmukh, Sanjay & Goel, Anand M. & Howe, Keith M., 2013. "CEO overconfidence and dividend policy," Journal of Financial Intermediation, Elsevier, vol. 22(3), pages 440-463.
  97. Loureiro, Gilberto & Makhija, Anil K. & Zhang, Dan, 2011. "Why Do Some CEOs Work for a One-Dollary Salary?," Working Paper Series 2011-7, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  98. Alen Nosić & Martin Weber, 2010. "How Riskily Do I Invest? The Role of Risk Attitudes, Risk Perceptions, and Overconfidence," Decision Analysis, INFORMS, vol. 7(3), pages 282-301, September.
  99. Robert Libby & Kristina Rennekamp, 2012. "Self‐Serving Attribution Bias, Overconfidence, and the Issuance of Management Forecasts," Journal of Accounting Research, Wiley Blackwell, vol. 50(1), pages 197-231, March.
  100. Jiang Wei & Xiao Min & You Jiaxing, 2011. "Managerial overconfidence and debt maturity structure of firms," China Finance Review International, Emerald Group Publishing Limited, vol. 1(3), pages 262-279, July.
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