CEO overconfidence and the speed of adjustment of cash holdings
研究了美国上市公司CEO过度自信对现金持有调整速度的影响，发现CEO过度自信会加快调整速度，且财务约束、杠杆和公司治理质量会影响这一关系。
In this study, we examine the links between CEO overconfidence, the speed of adjustment (SOA) of cash holdings, and firm value for listed US firms, finding a positive effect of CEO overconfidence on SOA. We address endogeneity concerns using a difference-in-differences approach, propensity score matching, and entropy balancing. Our results are robust to the use of alternative estimation methods. Finally, we conclude that financial constraints, leverage, and corporate governance quality affect the relation between CEO overconfidence and the SOA of cash holdings.