Of many psychological biases, overconfidence has been described as one of the most powerful. Few studies have focused on collective overconfidence in team decision-making by boards of directors since boards are typically "black boxes". Based on the shared cognition and trickle-down effect, we...

In this paper, we introduce the MSCI China A-shares index (MCASI) and analyze MCASI’s properties. From the perspective of index investment, we found that MCASI’s investor sentiments, both overnight sentiment and BW sentiment, provide significant predictability for future MCASI returns,...