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Ben-David, Itzhak - 2010

Using a unique 10-year panel that includes more than 13,300 expected stock market return probability distributions, we find that executives are severely miscalibrated, producing distributions that are too narrow: realized market returns are within the executives' 80% confidence intervals only...

Persistent link: https://www.econbiz.de/10012462440

A Corporate Beauty Contest

Graham, John R. - 2010

We conduct beauty contest experiments, using close to 2,000 subjects to study the facial traits of CEOs. In one experiment we use pairs of photographs and find that subjects rate CEO faces as appearing more "competent" and less "likable" than non-CEO faces. Another experiment matches CEOs from...

Persistent link: https://www.econbiz.de/10012462745

Managerial Overconfidence and Corporate Policies

Ben-David, Itzhak - 2007

Miscalibration is a standard measure of overconfidence in both psychology and economics. Although it is often used in lab experiments, there is scarcity of evidence about its effects in practice. We test whether top corporate executives are miscalibrated, and whether their miscalibration impacts...

Persistent link: https://www.econbiz.de/10012464935

Payout Policy in the 21st Century

Brav, Alon - 2003

factors that drive dividend and share repurchase policies. We find that managers are very reluctant to cut dividends, that … repurchases is viewed by managers as being more flexible than using dividends, permitting a better opportunity to optimize … investment. Managers like to repurchase shares when they feel their stock is undervalued and in an effort to affect EPS. Dividend …

Persistent link: https://www.econbiz.de/10012469041

Capital Allocation and Delegation of Decision-Making Authority within Firms

Graham, John R. - 2011

We survey more than 1,000 CEOs and CFOs to understand how capital is allocated, and decision-making authority is delegated, within firms. We find that CEOs are least likely to share or delegate decision-making authority in mergers and acquisitions, relative to delegation of capital structure,...

Persistent link: https://www.econbiz.de/10012461288

The Dynamics of Emerging Market Equity Flows

Bekaert, Geert - 1999

We study the interrelationship between capital flows, returns, dividend yields and world interest rates in 20 emerging markets. We estimate a vector autoregressionn with these variables to measure the degree to which lower interest rates contribute to increased capital flows and shocks in flows...

Persistent link: https://www.econbiz.de/10012471570

Conditioning Variables and the Cross-Section of Stock Returns

Ferson, Wayne E. - 1999

Previous studies have identified predetermined variables that have some power to explain the time series of stock and bond returns. This paper shows that loadings on the same variables also provide significant cross-sectional explanatory power for stock portfolio returns. These loadings are...

Persistent link: https://www.econbiz.de/10012471791

Economic, Financial, and Fundamental Global Risk In and Out of the EMU

Ferson, Wayne E. - 1999

We explore the different factors that drive expected returns in world markets. Our research offers two innovations. First, the introduction of the Euro currency unit greatly reduces the complexity of including foreign exchange risk in asset pricing models. We use a synthetic Euro excess return...

Persistent link: https://www.econbiz.de/10012471840

Capital Flows and the Behavior of Emerging Market Equity Returns

Bekaert, Geert - 1998

Foreign portfolio flows may reflect deep changes in the functioning of an emerging market economy and its capital markets. Using a database of monthly net U.S. equity flows, we investigate the relation of these flows to the behavior of equity returns, the structural characteristics of the...

Persistent link: https://www.econbiz.de/10012472142

Foreign Speculators and Emerging Equity Markets

Bekaert, Geert - 1997

A number of countries have delayed the opening of their capital markets to international" investment because of reservations about the impact of foreign speculators on both expected" returns and market volatility. We propose a cross-sectional time-series model that attempts to" assess the impact...

Persistent link: https://www.econbiz.de/10012472501