The DOI matches its Crossref record; 8 of the 8 references it cites were found in a registry or an index.
Overconfidence and Early‐Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies
Open accessAbstract
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.
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Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
What Do We Know about Capital Structure? Some Evidence from International Data
RAJAN, R. G., & ZINGALES, L. (1995) · The Journal of Finance · doi:10.1111/j.1540-6261.1995.tb05184.x · Cited by 6,538
Unrealistic optimism about future life events
Weinstein, N. D. (1980) · Journal of Personality and Social Psychology · doi:10.1037/0022-3514.39.5.806 · Cited by 4,999
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Testing Static Trade-off Against Pecking Order Models of Capital Structure
Shyam-Sunder, L., & Myers, S. (1994) · doi:10.3386/w4722 · Cited by 1,165
Managerial Traits and Capital Structure Decisions
Hackbarth, D. (2008) · Journal of Financial and Quantitative Analysis · doi:10.1017/s002210900001437x · Cited by 540
Managerial myopia: Self-serving biases in organizational planning.
Larwood, L., & Whittaker, W. (1977) · Journal of Applied Psychology · doi:10.1037/0021-9010.62.2.194 · Cited by 490
Turning Points in Life: The Case of Military Service and War
Elder Jr., G. H., Gimbel, C., & Ivie, R. (1991) · Military Psychology · doi:10.1207/s15327876mp0304_3 · Cited by 188
Cited by
Benmelech, E., & Frydman, C. (2015) · Journal of Financial Economics · doi:10.1016/j.jfineco.2014.04.009 · Cited by 734
Hirshleifer, D. (2015) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-092214-043752 · Cited by 497
Metadata
- Authors
- MALMENDIER, U., TATE, G., & YAN, J.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2011-09-21
- Volume
- 66
- Issue
- 5
- Pages
- 1687-1733
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2166513723
- Cited by
- 1,724
- References
- 8
- FWCI
- 208.22
- Type
- journal article
- Language
- en
- Open access
- bronze
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- MALMENDIER, U., TATE, G., & YAN, J. (2011). Overconfidence and Early‐Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2011.01685.x
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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