Behavioral CEOs: The Role of Managerial Overconfidence

Ulrike Malmendier and Geoffrey Tate

Journal of Economic Perspectives, 2015, vol. 29, issue 4, 37-60

Abstract: In this paper, we provide a theoretical and empirical framework that allows us to synthesize and assess the burgeoning literature on CEO overconfidence. We also provide novel empirical evidence that overconfidence matters for corporate investment decisions in a framework that explicitly addresses the endogeneity of firms' financing constraints.

JEL-codes: D12 D92 G31 G34 M10 (search for similar items in EconPapers)
Date: 2015
Note: DOI: 10.1257/jep.29.4.37
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Citations: View citations in EconPapers (127)

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