| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27853 |
| 来源ID | Working Paper 27853 |
| What Is CEO Overconfidence? Evidence from Executive Assessments | |
| Steven N. Kaplan; Morten Sorensen; Anastasia A. Zakolyukina | |
| 发表日期 | 2020-09-28 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We use detailed assessments of CEO personalities to explore the option-based measure of CEO overconfidence, Longholder, introduced by Malmendier and Tate (2005a) and widely used in the behavioral corporate finance and economics literatures. Longholder is significantly related to several specific characteristics and is negatively related to general ability. These relations also hold for overconfidence measures derived from CEOs’ earnings guidance. Investment-cash flow sensitivities are larger for both Longholder and less able CEOs. Overall, Longholder CEOs have many of the same characteristics traditionally associated with overconfident individuals, including lower general ability, supporting the interpretation of this measure as reflecting overconfidence. |
| 主题 | Financial Economics ; Corporate Finance ; Behavioral Finance |
| URL | https://www.nber.org/papers/w27853 |
| 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/585527 |
| 推荐引用方式 GB/T 7714 | Steven N. Kaplan,Morten Sorensen,Anastasia A. Zakolyukina. What Is CEO Overconfidence? Evidence from Executive Assessments. 2020. |
| 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 | ||
| w27853.pdf（276KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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