Purpose A separate study of the different behavioral biases does not allow for a full understanding of the complexity and stability of the heterogeneity of beliefs. Therefore, through a more global view of these anomalies, the authors wish to show that they can converge on a single concept,...

The aim of this paper is to explore the determinants of firm investment decision under the manager’s psychological characteristic. Previous research investigating the relationship between overconfidence and financial decisions has studied investment, financing decisions and firm values....