significant amplifying role for market uncertainty in the relation between sentiment and aggregate investment. A one …-standard-deviation increase in uncertainty more than doubles the effect of sentiment on investment. Moreover, allowing uncertainty …, and investment measures. We also document similar effects for aggregate equity issuance. Consistent with theory, we find …

and its investment decisions leads to a systematic premium in the firm's share price relative to expected dividends. Noisy …'s decisions to their own benefit. The managers take advantage of shareholders by taking excessive investment risks when the market …

managerial overconfidence can account for investment distortion. Consistent with CEO rationality, this paper provides an … investment. When firms are overvalued or have better growth opportunities, CEOs are more likely to postpone their option exercise … and at the same time invest more using internal cash. Moreover, CEO late option exercise fails to explain investment …

and its investment decisions leads to a systematic premium in the firm's share price relative to expected dividends. Noisy …'s decisions to their own benefit. The managers take advantage of shareholders by taking excessive investment risks when the market …