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The role of overconfidence within fi...

Goel, Anand Mohan.

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The role of overconfidence within financial markets and firms.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	The role of overconfidence within financial markets and firms./
Author:	Goel, Anand Mohan.
Description:	123 p.
Notes:	Chair: Anjan Thakor.
Contained By:	Dissertation Abstracts International63-10A.
Subject:	Business Administration, Banking. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3068868
ISBN:	0493885390

The role of overconfidence within financial markets and firms.
Goel, Anand Mohan.

The role of overconfidence within financial markets and firms. - 123 p.

Chair: Anjan Thakor.

Thesis (Ph.D.)--University of Michigan, 2002.

I study the implications of overconfidence in financial markets and within firms. The first essay is about asset pricing and considers a setting in which overconfident investors impact prices. In this setting, I find that if there are some rational investors along with overconfident investors, a financial intermediary run by rational investor emerges to exploit mispricing by developing a reputation based on its past performance. The intermediary makes profits and alleviates, but does not eliminate, predictability in prices. The second essay examines the leadership process in organizations and investigates how overconfidence impacts the leadership struggle. I find that overconfident managers are more likely to be chosen leaders of organizations. A moderately overconfident CEO increases shareholder value but an excessively overconfident CEO can reduce firm value.

ISBN: 0493885390Subjects--Topical Terms:

1018458
Business Administration, Banking.

The role of overconfidence within financial markets and firms.
LDR:01729nam 2200277 a 45 001 932596
005 20110505
008 110505s2002 eng d
020 $a 0493885390
035 $a (UnM)AAI3068868
035 $a AAI3068868
040 $a UnM $c UnM
100 1 $a Goel, Anand Mohan. $3 1256336
245 1 0 $a The role of overconfidence within financial markets and firms.
300 $a 123 p.
500 $a Chair: Anjan Thakor.
500 $a Source: Dissertation Abstracts International, Volume: 63-10, Section: A, page: 3627.
502 $a Thesis (Ph.D.)--University of Michigan, 2002.
520 $a I study the implications of overconfidence in financial markets and within firms. The first essay is about asset pricing and considers a setting in which overconfident investors impact prices. In this setting, I find that if there are some rational investors along with overconfident investors, a financial intermediary run by rational investor emerges to exploit mispricing by developing a reputation based on its past performance. The intermediary makes profits and alleviates, but does not eliminate, predictability in prices. The second essay examines the leadership process in organizations and investigates how overconfidence impacts the leadership struggle. I find that overconfident managers are more likely to be chosen leaders of organizations. A moderately overconfident CEO increases shareholder value but an excessively overconfident CEO can reduce firm value.
590 $a School code: 0127.
650 4 $a Business Administration, Banking. $3 1018458
650 4 $a Economics, Finance. $3 626650
690 $a 0508
690 $a 0770
710 2 0 $a University of Michigan. $3 777416
773 0 $t Dissertation Abstracts International $g 63-10A.
790 $a 0127
790 1 0 $a Thakor, Anjan, $e advisor
791 $a Ph.D.
792 $a 2002
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3068868