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1、THEJOURNALOFFINANCE•VOL.LX,NO.6•DECEMBER2005CEOOverconfidenceandCorporateInvestmentULRIKEMALMENDIERandGEOFFREYTATE∗ABSTRACTWearguethatmanagerialoverconfidencecanaccountforcorporateinvestmentdistor-tions.Overconfidentmanagersoverestimatethereturnstotheirinvestmentprojectsandviewexter
2、nalfundsasundulycostly.Thus,theyoverinvestwhentheyhaveabun-dantinternalfunds,butcurtailinvestmentwhentheyrequireexternalfinancing.Wetesttheoverconfidencehypothesis,usingpaneldataonpersonalportfolioandcorpo-rateinvestmentdecisionsofForbes500CEOs.WeclassifyCEOsasoverconfidentiftheyper
3、sistentlyfailtoreducetheirpersonalexposuretocompany-specificrisk.WefindthatinvestmentofoverconfidentCEOsissignificantlymoreresponsivetocashflow,particularlyinequity-dependentfirms.INTHISPAPER,WEARGUETHATPERSONALcharacteristicsofCEOsinlargecorpo-rationsleadtodistortionsincorporateinv
4、estmentpolicies.Inparticular,westudytheinvestmentdecisionsofCEOswhooverestimatethefuturereturnsoftheircompanies,measuredbyafailuretodivestcompany-specificriskontheirpersonalaccounts.WefindthatoverconfidentCEOshaveaheightenedsensitiv-ityofcorporateinvestmenttocashflow,particularlyamo
5、ngequity-dependentfirms.Thetwotraditionalexplanationsforinvestmentdistortionsarethemisalign-mentofmanagerialandshareholdersinterests(JensenandMeckling(1976);Jensen(1986))andasymmetricinformationbetweencorporateinsidersandthecapitalmarket(MyersandMajluf(1984)).Bothcauseinvestmenttobe
6、sensi-tivetotheamountofcashinthefirm.Undertheagencyview,managersoverin-vesttoreapprivatebenefitssuchas“perks,”largeempires,andentrenchment.∗UlrikeMalmendierisatStanfordUniversityandGeoffreyTateisattheUniversityofPenn-sylvania.WeareindebtedtoBrianHallandDavidYermackforprovidinguswith
7、thedata.WeareverygratefultoJeremySteinforhisinvaluablesupportandcomments.WealsowouldliketothankPhilippeAghion,GeorgeBaker,StefanoDellaVigna,EdwardGlaeser,RickGreen(theedi-tor),BrianHall,OliverHart,CarolineHoxby,DirkJenter,LarryKatz,TomKnox,DavidLaibson,AndreiShleifer,oneanonymousref
8、ereeandvariousparti
