Ulrike Malmendier is from the University of California—Berkeley and NBER; Geoffrey Tate is from the University of California at Los Angeles; Jon Yan has no affiliation. Earlier versions of this paper were titled “Corporate Financial Policies with Overconfident Managers” and “Managerial Beliefs and Corporate Financial Policies.” We are indebted to Brian Hall, David Yermack, and John Graham for providing us with the data. We thank Malcolm Baker; Rudi Fahlenbrach; Michael Faulkender; Murray Frank; Dirk Hackbarth; Dirk Jenter; Jeremy Stein; Ilya Strebulaev; Avanidhar Subrahmanyam; Jeffrey Wurgler; and seminar participants at Berkeley, Calgary, Columbia, Helsinki School of Economics, Insead, MIT, Rotterdam, Stanford, UCLA, USC, Wharton, and Zurich, and at the AEA, AFA, FEA, Frontiers in Finance (Banff), IZA Behavioral Economics of Organizations, and Olin Corporate Governance conferences for helpful comments. Nishanth Rajan provided excellent research assistance. Ulrike Malmendier would like to thank the Alfred P. Sloan Foundation and the Coleman Fung Risk Management Research Center for financial support.
Overconfidence and Early-Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies
Version of Record online: 21 SEP 2011
© 2011 the American Finance Association
The Journal of Finance
Volume 66, Issue 5, pages 1687–1733, October 2011
How to Cite
MALMENDIER, U., TATE, G. and YAN, J. (2011), Overconfidence and Early-Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies. The Journal of Finance, 66: 1687–1733. doi: 10.1111/j.1540-6261.2011.01685.x
- Issue online: 21 SEP 2011
- Version of Record online: 21 SEP 2011
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