Overconfidence and Early-Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies
نویسندگان
چکیده
منابع مشابه
Overconfidence and Early-life Experiences: The Effect of Managerial Traits on Corporate Financial Policies
We show that measurable managerial characteristics have significant explanatory power for corporate financing decisions. First, managers who believe that their firm is undervalued view external financing as overpriced, especially equity financing. Such overconfident managers use less external finance and, conditional on accessing external capital, issue less equity than their peers. Second, CEO...
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15 صفحه اولManagerial cash use, default, and corporate financial policies
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ژورنال
عنوان ژورنال: The Journal of Finance
سال: 2011
ISSN: 0022-1082
DOI: 10.1111/j.1540-6261.2011.01685.x