Title :
Notice of Retraction
Managerial overconfidence and corporate overinvestment
Author :
Lei Zhu ; Bei Tang
Author_Institution :
Accounting Dept., Shandong Univ. of Finance, Jinan, China
Abstract :
Notice of Retraction
After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.
We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.
The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.
Focusing on behavioral corporate finance, we argue that personal characteristics of chief executive officers, in particular overconfidence, can account for the widespread distortion of overinvestment in China. Based on the data of Chinese listed companies from 2004-2008, we study the relationship between managerial overconfidence and corporate overinvestment. The main result is that managerial overconfidence has a significant positive influence on corporate overinvestment.
Keywords :
behavioural sciences; investment; organisational aspects; personnel; China; behavioral corporate finance; chief executive officer; corporate overinvestment; managerial overconfidence; personal characteristics; Constraint optimization; Data analysis; Energy management; Finance; Financial management; Humans; Investments; Predictive models; Testing; Voting; behavioral corporate finance; over-investment; overconfidence;
Conference_Titel :
Information Management and Engineering (ICIME), 2010 The 2nd IEEE International Conference on
Conference_Location :
Chengdu
Print_ISBN :
978-1-4244-5263-7
DOI :
10.1109/ICIME.2010.5477755
