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stage, selection does not impede the promotion of behavioral managers. Instead, competitive environments oftentimes promote …
Persistent link: https://www.econbiz.de/10012481183
beyond traditional capital-structure determinants. First, managers who believe that their firm is undervalued view external … financing as overpriced, especially equity. Such overconfident managers use less external finance and, conditional on accessing …
Persistent link: https://www.econbiz.de/10012462992
Compensation, status, and press coverage of managers in the U.S. follow a highly skewed distribution: a small number of …
Persistent link: https://www.econbiz.de/10012464506
and within firms, including variation in debt conservatism and in pecking-order behavior. Managers who believe that their …
Persistent link: https://www.econbiz.de/10012465077
market reacts significantly more negatively to takeover bids by overconfident managers …
Persistent link: https://www.econbiz.de/10012467876
We argue that managerial overconfidence can account for corporate investment distortions. Overconfident managers …
Persistent link: https://www.econbiz.de/10012467882
We estimate the long-term effects of experiencing high levels of job demands on the mortality and aging of CEOs. The estimation exploits variation in takeover protection and industry crises. First, using hand-collected data on the dates of birth and death for 1,605 CEOs of large, publicly-listed...
Persistent link: https://www.econbiz.de/10012496103