Using a unique 10-year panel that includes more than 13,300 expected stock market return probability distributions, we find that executives are severely miscalibrated, producing distributions that are too narrow: realized market returns are within the executives' 80% confidence intervals only...

We study the firm's financing and investment policies when the manager has private information about the firm's cash flows. Prior research in this area places specific restrictions on: i) the nature of the manager's private information and thus on the set of firms to which the theory applies,...

Miscalibration is a standard measure of overconfidence in both psychology and economics. Although it is often used in lab experiments, there is scarcity of evidence about its effects in practice. We test whether top corporate executives are miscalibrated, and whether their miscalibration impacts...

Vorliegendes Arbeitspapier fasst die Schlussfolgerungen und Empfehlungen abgeschlossener Benchmarking-Projekte und konzertierter Aktionen der letzten Jahre zusammen.

Vorliegendes Arbeitspapier fasst die Schlussfolgerungen und Empfehlungen abgeschlossener Benchmarking-Projekte und konzertierter Aktionen der letzten Jahre zusammen.