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Ben-David, Itzhak - 2010

Using a unique 10-year panel that includes more than 13,300 expected stock market return probability distributions, we find that executives are severely miscalibrated, producing distributions that are too narrow: realized market returns are within the executives' 80% confidence intervals only...

Persistent link: https://www.econbiz.de/10012462440

A Corporate Beauty Contest

Graham, John R. - 2010

We conduct beauty contest experiments, using close to 2,000 subjects to study the facial traits of CEOs. In one experiment we use pairs of photographs and find that subjects rate CEO faces as appearing more "competent" and less "likable" than non-CEO faces. Another experiment matches CEOs from...

Persistent link: https://www.econbiz.de/10012462745

Managerial Overconfidence and Corporate Policies

Ben-David, Itzhak - 2007

Miscalibration is a standard measure of overconfidence in both psychology and economics. Although it is often used in lab experiments, there is scarcity of evidence about its effects in practice. We test whether top corporate executives are miscalibrated, and whether their miscalibration impacts...

Persistent link: https://www.econbiz.de/10012464935

Payout Policy in the 21st Century

Brav, Alon - 2003

factors that drive dividend and share repurchase policies. We find that managers are very reluctant to cut dividends, that … repurchases is viewed by managers as being more flexible than using dividends, permitting a better opportunity to optimize … investment. Managers like to repurchase shares when they feel their stock is undervalued and in an effort to affect EPS. Dividend …

Persistent link: https://www.econbiz.de/10012469041

Capital Allocation and Delegation of Decision-Making Authority within Firms

Graham, John R. - 2011

We survey more than 1,000 CEOs and CFOs to understand how capital is allocated, and decision-making authority is delegated, within firms. We find that CEOs are least likely to share or delegate decision-making authority in mergers and acquisitions, relative to delegation of capital structure,...

Persistent link: https://www.econbiz.de/10012461288