Huang, Wei; Jiang, Fuxiu; Liu, Zhibiao; Zhang, Min - In: Pacific-Basin Finance Journal 19 (2011) 3, pp. 261-277
We examine the effect of agency cost on the relation between top executives' overconfidence and investment-cash flow sensitivity using the data from Chinese listed companies. We find that on average top executives' overconfidence leads to increased investment-cash flow sensitivity. However, this...