studies managers who participate repeatedly in a high-powered tournament incentive system, learning relative performance each … time. Using reduced form and structural methods we find that: (i) managers make overconfident predictions about future … performance; (ii) managers have overly-positive memories of past performance; (iii) the two phenomena are linked at an individual …

introduce a model, in which managers and agents exert effort in a joint production, after the manager decides on the allocation …

profitable and faster growing. For example, if they are trusted, managers can delegate decisions to employees with confidence … relationships, in particular trust, allow managers to arrange a business in a more productive way; high-trust firms are both more …

This study examines the relationship between firms' political connections and their confidence in achieving enhanced … increased confidence in anticipating improved sales. This positive association remains robust even after controlling for various … determinants of managers' sentiment. Quantitatively, our results indicate that having a politician on the board increases the …