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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
Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?
We investigate whether individuals' experiences of macro-economic outcomes have long-term effects on their risk attitudes, as often suggested for the generation that experienced the Great Depression.Expand
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
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
Contract Design and Self-Control: Theory and Evidence
How do rational firms respond to consumer biases? In this paper we analyze the profit-maximizing contract design of firms if consumers have time-inconsistent preferences and are partially naive aboutExpand
Testing for Altruism and Social Pressure in Charitable Giving
TLDR
A door-to-door fund-raiser in which some households are informed about the exact time of solicitation with a flyer on their doorknobs is designed, finding that the flyer reduces the share of households opening the door by 9% to 25% and reduces giving by 28% to 42%. Expand
Paying Not to Go to the Gym
How do consumers choose from a menu of contracts? We analyze a novel dataset from three U.S. health clubs with information on both the contractual choice and the day-to-day attendance decisions ofExpand
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
Learning from Inflation Experiences
How do individuals form expectations about future inflation? We propose that individuals overweight inflation experienced during their lifetimes. This approach modifies existing adaptive learningExpand
Superstar CEOS
Compensation, status, and press coverage of managers in the U.S. follow a highly skewed distribution: a small number of 'superstars' enjoy the bulk of the rewards. We evaluate the impact of CEOsExpand
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