This paper examines how CEO overconfidence affects firms' choice of debt issuance among private debt (i.e., bank loan and non-bank loan) and public bond. Using a sample of U.S. rated public firms, we find that firms with overconfident CEOs tend to issue more private debt and issue private debt...

Happiness is not only the main pursuit of people's lives but also an important factor that influences people's behavior. This study tested the impact of happiness on the stability of corporate top management team (TMT). We found that a higher happiness level at the corporate level leads to a...