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The Blind Power : Power-Driven CEO Overconfidence and M&A Decision Making
Hwang, Hyoseok (David) - 2018
The behavioral finance literature attributes failed M&As to CEO overconfidence. We investigate the source of CEO overconfidence that leads to failed M&As. Among various determinants of CEO overconfidence, we propose that power-led CEO overconfidence delivers undesirable consequences in corporate...
Persistent link: https://www.econbiz.de/10012908378
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CEO Overconfidence and the Impact on M&A Activity
Bressane, Bernardo P. - 2010
What drives mergers and acquisitions decisions? Can an overconfidence bias affect decisions within the management team? This study complements recent work developed within the behavioral finance analyses of Mergers & Acquisitions and proposes the use of new variable to measure overconfidence....
Persistent link: https://www.econbiz.de/10013138347
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Managerial Overconfidence and Market Feedback Effects
Banerjee, Suman - 2020
their stock holdings. Interestingly, overconfident managers that dismiss stock price information may be less vulnerable to …
Persistent link: https://www.econbiz.de/10012855052
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Supply-Side Factors, CEO Overconfidence and Zero-Leverage Policy
Ebrahimi, Tahera - 2019
This paper investigates the effects of credit rating downgrades, equity mispricing and CEO overconfidence on zero-leverage policy, using data for listed United States firms during the period 1980-2012. The results show that (1) the likelihood of zero-leverage increases significantly following a...
Persistent link: https://www.econbiz.de/10012862940
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The Cultural Origin of CEOs’ Attitudes Towards Uncertainty : Evidence from Corporate Acquisitions
Pan, Yihui - 2019
We examine the role of cultural heritage in shaping U.S. CEOs' attitudes toward uncertainty, in the context of their corporate acquisition decisions. We find that CEOs with a more uncertainty-avoiding cultural heritage are less likely to engage in acquisitions. Conditional on making an...
Persistent link: https://www.econbiz.de/10012901719
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Managerial Talk of Trust and Takeover Performance
Ghufran, Bushra - 2021
to managers purposefully lulling investors to keep them from paying attention and identifying managerial misconduct …
Persistent link: https://www.econbiz.de/10013243561
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CFO Overconfidence and Shareholder Activism
Schreiber, Nicolas; Schiereck, Dirk; Schweizer, Denis - 2022
A key objective of shareholder activists is to persuade a firm’s management to change its strategy. CFOs play an important role in negotiations, nonetheless activism research mainly focuses on CEOs. We examine the relationship between CFO overconfidence and the likelihood to get targeted by...
Persistent link: https://www.econbiz.de/10013295508
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Financial behavior, confidence, risk preferences and financial literacy of university students
Mudzingiri, Calvin; Muteba Mwamba, John; Keyser, … - In: Cogent economics & finance 6 (2018) 1, pp. 1-25
. It examines whether financial behavior, confidence, time preferences, risk preferences and financial literacy perceptions …. A t-test analysis showed that FB, risk preferences, confidence levels, time preferences and financial literacy …, financial literacy perception index and confidence significantly influenced the FB of categorized university students. The risk …
Persistent link: https://www.econbiz.de/10012023109
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Leveraging Overconfidence
Barber, Brad M.; Huang, Xing; Ko, K. Jeremy; Odean, Terrance - 2022
In theory, investors who have low security selection ability trade more, use leverage more, and perform worse if they are overconfident. We confirm these predictions empirically by analyzing the overconfidence, trading, and performance of retail investors who use margin. Using survey data, we...
Persistent link: https://www.econbiz.de/10013404207
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CEO Overconfidence and Corporate Tournaments
Vitanova, Ivana - 2018
Does CEO overconfidence help explain pay inequalities in top management teams? Tournament literature argues that pay gaps between different executive echelons increase competition among executives in the goal to replace the incumbent CEO and by so doing incentivize all top management team...
Persistent link: https://www.econbiz.de/10012922838