Essays on CEO overconfidence
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- Tez No: 400307
- Danışmanlar: PROF. CHARLES J. HADLOCK
- Tez Türü: Doktora
- Konular: Ekonomi, İşletme, Economics, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2009
- Dil: İngilizce
- Üniversite: Michigan State University
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Finans Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 96
Özet
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Özet (Çeviri)
This study contains two chapters. In the first chapter, I examine the effect of CEO overconfidence on turnover abnormal returns. Previous research shows that overconfident CEOs follow pecking order behavior, engage in overinvestment and make value destroying acquisitions. I argue that CEO overconfidence can play an important role in explaining both a firm?s and its immediate competitor?s abnormal stock returns in the event of a CEO turnover. I analyze the abnormal returns of S&P 500 firms and their competitors when CEO turnover takes place within a firm, and find that overconfidence level of a newly appointed CEO has a significant negative impact on firm?s stock price and a positive impact on competitor?s stock price.In the second chapter, I argue that CEO overconfidence can play an important role on firm product market performance and analyze whether overconfident CEOs are good or bad for the firm?s product market performance. I study the relationship between CEO overconfidence and within-industry sales performance, and my findings show that higher overconfidence levels are associated with better product market performance.
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