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smooth earnings. We find that 55% of managers would avoid initiating a very positive NPV project if it meant falling short of … find that managers make voluntary disclosures to reduce information risk associated with their stock but try to avoid …
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"Miscalibration is a form of overconfidence examined in both psychology and economics. Although it is often analyzed in lab experiments, there is scant evidence about the effects of miscalibration in practice. We test whether top corporate executives are miscalibrated, and study the determinants...
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