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Optimism, Attribution and Corporate Investment Policy

Abstract Chief Executive Officers (CEOs) whose observed personal option-holding patterns are not consistent with theoretical predictions are variously described as overconfident or optimistic. Existing literature demonstrates that the investment and financing decisions of such CEOs differ from those of CEOs who do not exhibit such behavior and interprets the investment and financing decisions by overconfident or optimistic CEOs as inferior. This paper argues that it may be rational to exhibit behavior interpreted as optimistic and that the determinants of a CEO’s perceived optimism are important. Further, this paper shows that CEOs whose apparent optimism results from above average industry-adjusted CEO performance in prior years make investment and... (more)
Created Date 2016
Contributor Walton, Richard (Author) / Bates, Thomas (Advisor) / Lindsey, Laura (Committee member) / Babenko, Ilona (Committee member) / Arizona State University (Publisher)
Subject Finance / CEO confidence / CEO optimism / M&A / Self-Attribution
Type Doctoral Dissertation
Extent 59 pages
Language English
Reuse Permissions All Rights Reserved
Note Doctoral Dissertation Business Administration 2016
Collaborating Institutions Graduate College / ASU Library
Additional Formats MODS / OAI Dublin Core / RIS

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Description Dissertation/Thesis