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- W2891627715 abstract "We argue that managerial overconfidence can account for corporate investment distortions. Overconfident managers overestimate the returns to their investment projects and view external funds as unduly costly. Thus, they overinvest when they have abundant internal funds, but curtail investment when they require external financing. We test the overconfidence hypothesis, using panel data on personal portfolio and corporate investment decisions of Forbes 500 CEOs. We classify CEOs as overconfident if they persistently fail to reduce their personal exposure to company-specific risk. We find that investment of overconfident CEOs is significantly more responsive to cash flow, particularly in equity-dependent firms." @default.
- W2891627715 created "2018-09-27" @default.
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- W2891627715 date "2004-10-01" @default.
- W2891627715 modified "2023-09-26" @default.
- W2891627715 title "CEO Overconfidence and Corporate Investment" @default.
- W2891627715 doi "https://doi.org/10.3386/w10807" @default.
- W2891627715 hasPublicationYear "2004" @default.
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