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Overconfidence and Early-Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies

The Journal of finance (New York), 2011-10, Vol.66 (5), p.1687-1733 [Tạp chí có phản biện]

2011 American Finance Association ;2011 the American Finance Association ;Copyright Blackwell Publishers Inc. Oct 2011 ;ISSN: 0022-1082 ;EISSN: 1540-6261 ;DOI: 10.1111/j.1540-6261.2011.01685.x ;CODEN: JLFIAN

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Nhan đề:
Overconfidence and Early-Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies
Tác giả: MALMENDIER, ULRIKE ; TATE, GEOFFREY ; YAN, JON
Chủ đề: Business management ; Business strategies ; Capital management ; Capital structure ; Cash ; Chief executive officers ; Confidence ; Corporate finance ; Debt ; Debt financing ; Debt to equity ratio ; Deficit financing ; Equity ; Equity financing ; Financial leverage ; Financial management ; Leadership ; Management research ; Management styles ; Management techniques ; Organizational behavior ; Self-esteem ; Senior management ; Studies
Là 1 phần của: The Journal of finance (New York), 2011-10, Vol.66 (5), p.1687-1733
Mô tả: We show that measurable managerial characteristics have significant explanatory power for corporate financing decisions. First, managers who believe that their firm is undervalued view external financing as overpriced, especially equity financing. Such overconfident managers use less external finance and, conditional on accessing external capital, issue less equity than their peers. Second, CEOs who grew up during the Great Depression are averse to debt and lean excessively on internal finance. Third, CEOs with military experience pursue more aggressive policies, including heightened leverage. Complementary measures of CEO traits based on press portrayals confirm the results.
Nơi xuất bản: Malden, USA: Blackwell Publishing Inc
Ngôn ngữ: English
Số nhận dạng: ISSN: 0022-1082
EISSN: 1540-6261
DOI: 10.1111/j.1540-6261.2011.01685.x
CODEN: JLFIAN
Nguồn: Alma/SFX Local Collection

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Overconfidence and Early-Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies

2011 American Finance Association ;2011 the American Finance Association ;Copyright Blackwell Publishers Inc. Oct 2011 ;ISSN: 0022-1082 ;EISSN: 1540-6261 ;DOI: 10.1111/j.1540-6261.2011.01685.x ;CODEN: JLFIAN

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