managers. In particular, the element of overconfidence of the CEO contributes to the decision-making process for the dividend … author also made some conclusions and recommendations for managers and investors. …

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 …