• Publications
  • Influence
CEO Overconfidence and Corporate Investment
We argue that managerial overconfidence can account for corporate investment distortions. Overconfident managers overestimate the returns to their investment projects and view external funds asExpand
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Overconfidence and Early-Life Experiences: The Impact of Managerial Traits on Corporate Financial Policies
We show that measurable managerial characteristics have significant explanatory power for corporate financing decisions beyond traditional capital-structure determinants. First, managers who believeExpand
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Does Overconfidence Affect Corporate Investment? CEO Overconfidence Measures Revisited
"This article presents the growing research area of Behavioural Corporate Finance in the context of one specific example: distortions in corporate investment due to CEO overconfidence. We firstExpand
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Financial Expertise of Directors
The composition and functioning of corporate boards is at the core of the academic and policy debate on optimal corporate governance. But does board composition matter for corporate decisions? InExpand
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Female Leadership and Gender Equity: Evidence from Plant Closure
We use unique worker-plant matched panel data to measure differences in wage changes experienced by workers displaced from closing plants. We observe larger losses among women than men, comparingExpand
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The Bright Side of Corporate Diversification: Evidence from Internal Labor Markets
  • G. Tate, Liu Yang
  • Economics, Medicine
  • The review of financial studies
  • 15 January 2015
We document differences in human-capital deployment between diversified and focused firms. We find that diversified firms have higher labor productivity and that they redeploy labor to industriesExpand
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Behavioral CEOs: The Role of Managerial Overconfidence
In this paper, we provide a theoretical and empirical framework that allows us to synthesize and assess the burgeoning literature on CEO overconfidence. We also provide novel empirical evidence thatExpand
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Corporate Financial Policies with Overconfident Managers
Many financing choices of US corporations remain puzzling even after accounting for standard determinants such as taxes, bankruptcy costs, and asymmetric information. We propose that managerialExpand
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Does Rating Analyst Subjectivity Affect Corporate Debt Pricing
We find evidence of systematic optimism and pessimism among credit analysts, comparing contemporaneous ratings of the same firm across rating agencies. These differences in perspectives carry throughExpand
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