Managerial Duties and Managerial Biases
نویسندگان
چکیده
We propose a novel approach to evaluating the empirical importance of individual managerial characteristics: We analyze different managerial positions (CEO and CFO) jointly and ask whether a managerial bias (overconfidence) matters for decisions under the control of the manager, but not for decisions outside the manager’s core duties. Using a new data set on CEO and CFO overconfidence, we show that financial outcome variables are primarily affected by CFO overconfidence while only CEO overconfidence affects non-financial decisions such as investment, R&D, and mergers. Our findings also point to potential confounds arising from interaction and peer effects among top managers.
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