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CEO overconfidence, CEO dominance and corporate acquisitions
Journal of Economics and Business, 2007Abstract This study investigates the role of CEO overconfidence (hubris) and CEO dominance in the firm's decision to undertake an acquisition. We argue that it is important to capture not only the extent of overconfidence but also the ability of the CEO to impose his or her views on the firm's decisions.
Rayna Brown, Neal Sarma
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The Cultural Origins of CEO Overconfidence
SSRN Electronic Journal, 2021We explore the role of cultural heritage in explaining CEOs overconfidence and its impact on the propensity and performance of corporate acquisitions. CEOs are more prone to overconfidence if the culture in their ancestral country of origin is characterized by strong individualism, independence, long-term orientation, and inequality.
Jens Hagendorff +2 more
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CEO Overconfidence, REIT Investment Activity and Performance
Real Estate Economics, 2014This is the first article to study the effects of overconfidence on trading activity and performance in real estate. The article looks at Real Estate Investment Trusts (REITs), as their investments and divestments can be identified with precision. We look at the effect of CEO overconfidence on investment activity and separately investigate property ...
Eichholtz, P., Yönder, Erkan
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SSRN Electronic Journal, 2012
This study empirically investigates bank risk taking from a behavioral perspective. More specifically, we analyze the impact of an overconfident CEO, defined as one who has systematically upward biased beliefs about the returns of his investment projects, on bank performance and risk taking.
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This study empirically investigates bank risk taking from a behavioral perspective. More specifically, we analyze the impact of an overconfident CEO, defined as one who has systematically upward biased beliefs about the returns of his investment projects, on bank performance and risk taking.
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Overconfident CEO Appointments
2015This chapter analyzes the determinants of overconfident CEO appointments and the effect these appointments on competitor stock performance during managerial turnover within the firm. It also analyzes the turnovers that take place in S&P 500 firms and find that an overconfident successor appointed to the firm pertains to a significant positive ...
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CEO Overconfidence, CEO Compensation, and Earnings Manipulation
Journal of Management Accounting Research, 2014ABSTRACT In the wake of recent financial crises and corporate failures, chief executive officers (CEOs) are often blamed for their overconfidence leading to earnings manipulation and excessive risks. Why is it then that these overconfident CEOs obtain job offers in the first place?
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Divestitures and CEO Overconfidence
Overconfident CEOs overestimate their ability to generate value. We investigate how this affects divestiture activity and whether it moderates a CEO's investment lifecycle. We hypothesize and find that overconfident CEOs are generally less likely to divest units and their divestment decisions are less sensitive to career lifecycle concerns. In addition,Mark Humphery-Jenner +3 more
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CEO overconfidence and CSR decoupling
Corporate Governance: An International Review, 2019AbstractResearch question/issueThis study examines whether there is decoupling between how firms communicate about corporate social responsibility (CSR) and what firms do in terms of CSR. We argue that this CSR decoupling is driven by the CEOs' cognitive biases.
Steve Sauerwald, Weichieh Su
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CEO Overconfidence, CEO Power, and Corporate Performance
2022Under the modern enterprise system, with the separation of ownership and control, executives are responsible for the daily operation of the enterprise. The personal characteristics of executives affect their behavioral tendencies and then affect the business choice and development direction of the enterprise, thus affecting corporate performance ...
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CEO overconfidence and corporate policy
2023The PhD thesis consists of three individual but related pieces of research. We extend the literature of CEO overconfidence influence in corporate strategies and provide latest findings on R&D investment, corporate governance structure and HR policy. This PhD thesis adopts empirical method of research, and the results are validated by several robustness
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