Results 171 to 180 of about 615 (219)

Managerial Overconfidence and Market Feedback Effects

Management Science, 2023
We show that managerial learning from stock prices can lead to feedback loop vulnerability: corrective actions based on perceived negative market signals reduce the sensitivity of asset payoffs to stock market information. Less sensitivity discourages liquidity provision and increases the price impact of liquidity shocks.
Shiyang Huang   +2 more
exaly   +2 more sources

Managerial overconfidence and corporate resilience

Finance Research Letters
Ximeng Zhang, Deqing Liu, Jie Chen
exaly   +2 more sources

Managerial Overconfidence and Dividend Stickiness

Journal of Accounting, Auditing & Finance, 2023
In this study, we examine whether overconfident CEOs strive to smooth dividends. Our findings show overconfident CEOs increase dividends more as earnings increase and decrease dividends less as earnings decline, resulting in downward dividend stickiness. This asymmetric dividend payout is consistent with the selective self-attribution bias. Furthermore,
Jui-Chia Lin, Min-Teh Yu
openaire   +1 more source

Endogenous overconfidence in managerial forecasts

Journal of Accounting and Economics, 2011
Abstract We examine whether attribution bias leads managers who have experienced short-term forecasting success to become overconfident in their ability to forecast future earnings. Importantly, this form of overconfidence is endogenous and dynamic. We also examine the effect of this cognitive bias on the managerial credibility.
Hilary, Gilles, Hsu, Charles
openaire   +2 more sources

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