We analyze the impact of CEO overconfidence on mergers and acquisitions. Overconfident CEOs over-estimate their ability to generate returns, both in their current firm and in potential takeover targets. Thus, on the margin, they undertake mergers that destroy value. Overconfidence also implies that managers view their company as undervalued by outside investors. Therefore, the impact of overcon...

Research summary We apply insights from research in social psychology and labor economics to the domain of entrepreneurial finance investigate how founder chief executive officers' (founder CEOs') facial attractiveness influences firm valuation. Leveraging novel context initial coin offerings (ICOs), we document a pronounced CEO beauty premium, with positive relationship between find only very ...

This dissertation is composed of three chapters in which I use both reduced-form approach and structural approach to study executive compensation in S&P1500 …rms from 1993 to 2005. Chapter 1 provides the literature and methodology background of this dissertation. I summarize existing accounting empirical studies on executive compensation under two tasks, that is, (1) testing contract theory and...

the aim of this study is to evaluate the sport marketing mix and its seven elements (product, price, promotion, place, public relations, people, and physical evidence) in iran’s volleyball super league from the viewpoint of ministry of sport and volleyball federation managers in two conditions, namely existing and optimal. for this purpose, 102 subjects, among them the official staffs in the mi...

This paper explores the relationship between doctor managers and senior health service administrators (CEOs or General Managers) within the context of Australian health reform. Government funding for health services has become increasingly driven by government defined measurable performance targets and resources. These policy changes have implications for hospitals to be managed more cost effec...

Abstract The allocation of resources among different stakeholders is an ethical dilemma for chief executive officers (CEOs). In this study, we investigate the association between CEO power and workplace injuries illnesses. We use establishment-level dataset comprising 31,924 establishment-year observations 2002 2011. Our main result shows that employees at firms with structurally powerful CEOs ...

Overconfident CEOs over-estimate their ability to generate returns. Thus, on the margin, they undertake mergers that destroy value. They also perceive outside finance to be over-priced. We classify CEOs as overconfident when, despite their under-diversification, they hold options on company stock until expiration. We find that these CEOs are more acquisitive on average, particularly via diversi...

This paper investigates the relationship between education of a Chief Executive Officer (CEO) and firm performance provides robust evidence that firms led by CEOs with PhDs outperform their peers. We find increase 3.03% while PhD from highly ranked university 4.65%. Our results are to endogenous CEO selection, transition firms, alternative rankings, unobserved characteristics network CEO. also ...

External network ties between CEOs and directors in major U.S. corporations may limit the e¤ectiveness of internal corporate governance. Using comprehensive biographical data on the managers and directors of S&P 1500 companies, we identify connections between directors and their …rms’CEOs through external directorships, past employment, education, and other activities (e.g. golf clubs or charit...

It is known that small firms rely mainly on the CEO’s individual knowledge for developing innovations. Recent work suggests that this approach is inefficient since it underutilizes other employees’ knowledge. We study to which extent using CEOs, managers and non-managerial employees’ ideas enhances small firms’ innovation performance. A Heckman selection model on 305 small firms shows that not ...