Overconfidence and Early‐Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies
研究发现，管理者的可测量特质对企业融资决策有显著解释力：过度自信的管理者较少使用外部融资，尤其少发股票；大萧条时期成长的CEO厌恶债务；有军事经历的CEO则更激进，杠杆更高。
ABSTRACT We show that measurable managerial characteristics have significant explanatory power for corporate financing decisions. First, managers who believe that their firm is undervalued view external financing as overpriced, especially equity financing. Such overconfident managers use less external finance and, conditional on accessing external capital, issue less equity than their peers. Second, CEOs who grew up during the Great Depression are averse to debt and lean excessively on internal finance. Third, CEOs with military experience pursue more aggressive policies, including heightened leverage. Complementary measures of CEO traits based on press portrayals confirm the results.