Showing 1 - 9 of 9
We investigate whether individuals' experiences of macro-economic outcomes have long-term effects on their risk attitudes, as often suggested for the generation that experienced the Great Depression. Using data from the Survey of Consumer Finances from 1964-2004, we find that individuals who...
Persistent link: https://www.econbiz.de/10012463834
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
applying insights from psychology to the behavior of investors, managers, and third parties (e. g., analysts or bankers). This …
Persistent link: https://www.econbiz.de/10012480814
stage, selection does not impede the promotion of behavioral managers. Instead, competitive environments oftentimes promote …
Persistent link: https://www.econbiz.de/10012481183
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
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