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CEO Overconfidence, Leadership Ethics, and Institutional Investors
16 references·9 citing·40 second hop
CEO Overconfidence, Leadership Ethics, and Institutional Investors (2016)CEO Overconfidence, Leadership Ethics, an…Who makes acquisitions? CEO overconfidence and the market's reaction☆ (2008)Who makes acquisitions? CEO o…Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Estimating Standard Errors in…Monitoring: Which institutions matter? (2007)Monitoring: Which institution…It's All about Me: Narcissistic Chief Executive Officers and Their Effects on Company Strategy and Performance (2007)It's All about Me: Narcissist…Boards: Does one size fit all☆ (2007)Boards: Does one size fit all☆CEO Overconfidence and Corporate Investment (2005)CEO Overconfidence and Corpor…Institutional Investors and Executive Compensation (2003)Institutional Investors and E…Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers (1999)Agency Cost of Free Cash Flow…The weighing of evidence and the determinants of confidence (1992)The weighing of evidence and …Management ownership and market valuation (1988)Management ownership and mark…Managerial Perspectives on Risk and Risk Taking (1987)Managerial Perspectives on Ri…The Hubris Hypothesis of Corporate Takeovers (1986)The Hubris Hypothesis of Corp…Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency Costs of Free Cash Flo…Unrealistic optimism about future life events. (1980)Unrealistic optimism about fu…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…CEO overconfidence and tax avoidance: role of institutional and family ownership (2023)CEO overconfidence and tax av…When the circular economy diverges: The co-evolution of biogas business models and material circuits in Finland (2021)When the circular economy div…Self-healing materials: A pathway to immortal products or a risk to circular economy systems? (2021)Self-healing materials: A pat…History and evolution of the circular economy and circular economy business models (2021)History and evolution of the …CEO overconfidence and future firm risk in China: the moderating role of institutional investors (2021)CEO overconfidence and future…CEO Overconfidence and Corporate Governance in Affecting Australian Listed Construction and Property Firms’ Trading Activity (2021)CEO Overconfidence and Corpor…Business Model Innovation for Circular Economy in Fashion Industry: A Startups' Perspective (2021)Business Model Innovation for…The Relationships Between Managerial Overconfidence, Audit Committee, CEO Duality and Audit Quality and Accounting Misstatements (2020)The Relationships Between Man…Ingredients of Sustainable CEO Behaviour: Theory and Practice (2019)Ingredients of Sustainable CE…Agency Problems and the Theory of the Firm (1980)Separation of Ownership and Control (1983)A Survey of Corporate Governance (1997)Law and Finance (1998)Corporate Ownership Around the World (1999)Judgment under Uncertainty: Heuristics and Biases (1975)The Framing of Decisions and the Psychology of Choice (1981)The market for corporate control (1983)Efficient Capital Markets: II (1991)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)On Persistence in Mutual Fund Performance (1997)Subjective probability: A judgment of representativeness (1972)Availability: A heuristic for judging frequency and probability (1973)Optimism, coping, and health: Assessment and implications of generalized outcome expectancies. (1985)Illusion and well-being: A social psychological perspective on mental health. (1988)Hopelessness depression: A theory-based subtype of depression. (1989)Prospect theory: An analysis of decision under risk (1988)Reconceptualizing the Determinants of Risk Behavior (1992)Overconfidence and Excess Entry: An Experimental Approach (1999)A domain‐specific risk‐attitude scale: measuring risk perceptions and risk behaviors (2002)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Corporate financing and investment decisions when firms have information that investors do not have (1984)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)A review of tax research (2010)Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?* (2011)Common risk factors in the returns on stocks and bonds (1993)Women in the boardroom and their impact on governance and performance☆ (2009)The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey (2010)Endogeneity and the dynamics of internal corporate governance (2012)Specification Tests in Econometrics (1978)Econometric Analysis of Cross Section and Panel Data (2001)Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence (2007)Robust Inference With Multiway Clustering (2011)Policy Uncertainty and Corporate Investment (2015)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers17,216 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches10,793 cited
  • 1988Management ownership and market valuation6,910 cited
  • 1980Unrealistic optimism about future life events.4,996 cited
  • 1986The Hubris Hypothesis of Corporate Takeovers3,764 cited
  • 2005CEO Overconfidence and Corporate Investment3,686 cited
  • 1987Managerial Perspectives on Risk and Risk Taking3,198 cited
  • 2007Boards: Does one size fit all☆3,088 cited
  • 2008Who makes acquisitions? CEO overconfidence and the market's reaction☆2,763 cited
  • 2007It's All about Me: Narcissistic Chief Executive Officers and Their Effects on Company Strategy and Performance2,070 cited
  • 2003Institutional Investors and Executive Compensation2,012 cited
  • 2007Monitoring: Which institutions matter?1,870 cited
  • 1999Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers1,853 cited

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1992
The weighing of evidence and the determinants of confidence
1,842 cited

Cited by

  • 2021Self-healing materials: A pathway to immortal products or a risk to circular economy systems?54 cited
  • 2021Business Model Innovation for Circular Economy in Fashion Industry: A Startups' Perspective36 cited
  • 2021History and evolution of the circular economy and circular economy business models36 cited
  • 2021When the circular economy diverges: The co-evolution of biogas business models and material circuits in Finland33 cited
  • 2023CEO overconfidence and tax avoidance: role of institutional and family ownership26 cited
  • 2019Ingredients of Sustainable CEO Behaviour: Theory and Practice25 cited
  • 2021CEO overconfidence and future firm risk in China: the moderating role of institutional investors21 cited
  • 2021CEO Overconfidence and Corporate Governance in Affecting Australian Listed Construction and Property Firms’ Trading Activity20 cited
  • 2020The Relationships Between Managerial Overconfidence, Audit Committee, CEO Duality and Audit Quality and Accounting Misstatements14 cited