| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15659 |
| 来源ID | Working Paper 15659 |
| Overconfidence and Early-life Experiences: The Impact of Managerial Traits on Corporate Financial Policies | |
| Ulrike Malmendier; Geoffrey Tate; Jonathan Yan | |
| 发表日期 | 2010-01-14 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We show that measurable managerial characteristics have significant explanatory power for corporate financing decisions beyond traditional capital-structure determinants. First, managers who believe that their firm is undervalued view external financing as overpriced, especially equity. Such overconfident managers use less external finance and, conditional on accessing risky capital, issue less equity than their peers. Second, CEOs with Depression experience are averse to debt and lean excessively on internal finance. Third, CEOs with military experience pursue more aggressive policies, including heightened leverage. Complementary measures of CEO traits based on press portrayals confirm the results. |
| 主题 | Microeconomics ; Behavioral Economics ; Households and Firms ; General Equilibrium ; Economics of Information ; Financial Economics ; Financial Markets ; Corporate Finance ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w15659 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573333 |
| 推荐引用方式 GB/T 7714 | Ulrike Malmendier,Geoffrey Tate,Jonathan Yan. Overconfidence and Early-life Experiences: The Impact of Managerial Traits on Corporate Financial Policies. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15659.pdf（523KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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