Behavioral CEOs: The Role of Managerial Overconfidence | Zendy

Ulrike Malmendier | Zendy; Geoffrey A. Tate | Zendy

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Behavioral CEOs: The Role of Managerial Overconfidence

Author(s) -

Ulrike Malmendier,

Geoffrey A. Tate

Publication year - 2015

Publication title -

the journal of economic perspectives

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 9.614

H-Index - 196

eISSN - 1944-7965

pISSN - 0895-3309

DOI - 10.1257/jep.29.4.37

Subject(s) - overconfidence effect , endogeneity , behavioral economics , investment (military) , empirical evidence , investment decisions , economics , microeconomics , empirical research , corporate finance , accounting , business , financial economics , finance , econometrics , psychology , political science , social psychology , law , philosophy , epistemology , politics

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.

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