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Goodwill impairment and CEO overconfidence
Journal of Behavioral and Experimental Finance, 2021Abstract We examine how CEO overconfidence affects goodwill impairments after the adoption of SFAS 142 in US firms. Consistent with the nature of the cognitive position of overconfident CEOs, we find that both the likelihood and the magnitude of goodwill impairment recognition decrease when CEO overconfidence is elevated, providing evidence that ...
Robert Killins, Thanh Ngo, Hongxia Wang
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Does CEO overconfidence affect workplace safety?
Journal of Corporate Finance, 2021We study the impact of CEO overconfidence on workplace safety. We provide robust evidence of a positive relation between CEO overconfidence and workplace injury rates, implying that CEO overconfidence impairs workplace safety. In cross-sectional analysis, we find that the documented effect is amplified among firms with greater concentration of decision
Yangyang Chen +3 more
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Terrorist attacks, CEO overconfidence, and CEO compensation
Finance Research Letters, 2022Abstract This study examines how terrorist attacks and CEO confidence levels impact CEO compensation structures. Terrorist attacks in the United States from 1999 to 2018 are examined as negative exogenous shocks affecting CEO compensation. The findings indicate that overconfident CEOs of affected firms are likely to receive higher equity compensation
Yunji Hwang, Seung Hun Han
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CEO Overconfidence and CSR Engagement
Review of Pacific Basin Financial Markets and Policies, 2022This study explored the impact of CEO overconfidence on corporate social responsibility (CSR). We found that overconfident CEOs do not like to engage in CSR actives. Moreover, a firm with better CSR performance and overconfident CEOs could increase the probability of agency problems.
Roger C. Y. Chen +2 more
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CEO overconfidence and corporate tournaments
Managerial and Decision Economics, 2018Can CEO overconfidence help explain pay inequalities in top management teams? Tournament literature argues that pay gaps between different executive echelons increase competition among executives in the goal to replace the incumbent CEO and by so doing incentivize all top management team members to provide more effort. The increase in incentives can in
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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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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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