Disappointing performance -- Unsettled investors -- Under-diversified portfolios -- Mistimed timing and misguided stock picking -- Disappointing mutual fund performance -- Irrational mind -- Behavioral biases and investment decision making -- Difficult history -- Learning by investing? --...

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...