Self attribution bias (SAB, hereafter) is a mechanism that engenders overconfidence by attributing good performance to one’s ability and bad performance to bad luck or the environment (Gervais and Odean, 2001). Using the transcripts of CEO interviews on CNBC, we measure the SAB of the CEO....

La confiance est censée jouer un rôle important pour expliquer les écarts de performance entre les différents systèmes économiques nationaux. Cet article vise à analyser ce rôle en s'appuyant sur la théorie de la gouvernance des entreprises. Après avoir proposé une définition de la...

Cet article s’interroge, au-delà des déterminants économiques et institutionnels, sur le rôle des valeurs des dirigeants dans la détermination de la structure de propriété et des mécanismes de gouvernance d’entreprise. Nous partons du postulat central de la théorie des échelons...

(VF)L’exigence d’informations de gestion et leur utilisation par le capital investisseur (CI) sont appréciées grâce à une étude qualitative. Le CI, investisseur actif et soucieux de la rentabilité de son placement, peut être intéressé par une information traditionnellement...

This paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their...

This paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their...

One of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got higher...

The survey findings indicate the existence of gap between theory and practice of capital budgeting. Standard appraisal methods have shown a wider project value discrepancy, which is beyond and above the contingency limit. In addition, the research has found the growing trend in the use of value...

How does insider ownership affect shareholder value? We answer this question by examining how the marginal valuation of new investment projects announced by Indian firms varies with the level of insider holding in the firm, and other firm and project characteristics. We find that among projects...