CEO Overconfidence and Stock Price Crash Risk

Published: Mar 30, 2015
Abstract
This study examines the association between chief executive officer (CEO) overconfidence and future stock price crash risk. Overconfident managers overestimate the returns to their investment projects and misperceive negative net present value (NPV) projects as value creating. They also tend to ignore or explain away privately observed negative feedback. As a result, negative NPV projects are kept for too long and their bad performance...
Paper Details
Title
CEO Overconfidence and Stock Price Crash Risk
Published Date
Mar 30, 2015
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