U Malmendier… - The Journal of Finance, 2005 - Wiley Online Library
We argue that managerial overconfidence can account for corporate investment distortions.
Overconfident managers overestimate the returns to their investment projects and view
external funds as unduly costly. Thus, they overinvest when they have abundant internal ...
U Malmendier… - Journal of Financial Economics, 2008 - Elsevier
Does CEO overconfidence help to explain merger decisions? Overconfident CEOs over-
estimate their ability to generate returns. As a result, they overpay for target companies and
undertake value-destroying mergers. The effects are strongest if they have access to ...
SD Vigna… - The American Economic Review, 2006 - JSTOR
How do consumers choose from a menu of contracts? We analyze a novel dataset from
three US health clubs with information on both the contractual choice and the day-to-day
attendance decisions of 7,752 members over three years. The observed consumer ...
S DellaVigna… - The Quarterly Journal of …, 2004 - qje.oxfordjournals.org
Abstract How do rational firms respond to consumer biases? In this paper we analyze the
profit-maximizing contract design of firms if consumers have time-inconsistent preferences
and are partially naive about it. We consider markets for two types of goods: goods with ...
U Malmendier… - Journal of Financial Economics, 2007 - Elsevier
Security analysts tend to bias stock recommendations upward, particularly if they are
affiliated with the underwriter. We analyze how investors account for such distortions. Using
the NYSE Trades and Quotations database, we find that large traders adjust their trading ...
U Malmendier… - The Quarterly Journal of …, 2011 - qje.oxfordjournals.org
Abstract We investigate whether individual experiences of macroeconomic shocks affect
financial risk taking, as often suggested for the generation that experienced the Great
Depression. Using data from the Survey of Consumer Finances from 1960 to 2007, we ...
U Malmendier… - The Quarterly Journal of Economics, 2009 - qje.oxfordjournals.org
Abstract Compensation, status, and press coverage of managers in the United States follow
a highly skewed distribution: a small number of “superstars” enjoy the bulk of the rewards.
We evaluate the impact of CEOs achieving superstar status on the performance of their ...
U Malmendier… - European Financial Management, 2005 - Wiley Online Library
Abstract This article presents the growing research area of Behavioural Corporate Finance
in the context of one specific example: distortions in corporate investment due to CEO
overconfidence. We first review the relevant psychology and experimental evidence on ...
A Burak Güner, U Malmendier… - Journal of Financial Economics, 2008 - Elsevier
We analyze how directors with financial expertise affect corporate decisions. Using a novel
panel data set, we find that financial experts exert significant influence, though not
necessarily in the interest of shareholders. When commercial bankers join boards, ...
U Malmendier… - 2007 - nber.org
Why do security analysts issue overly positive recommendations? One explanation is that
analysts pick their favorite stocks and are truly too optimistic. An alternative explanation is
that analysts distort recommendations to maximize trade commissions and underwriting ...
EP Lazear, U Malmendier… - American Economic …, 2012 - ingentaconnect.com
Abstract: Individuals sort into and out of economic environments based on their preferences
and in response to relative prices. We demonstrate the importance of such sorting for the
measurement of social preferences, using two laboratory experiments. First, allowing ...
S DellaVigna… - 2004 - nber.org
market? To address this question we use a new panel data set from three US health clubs
with information on the contract choices and the day-to-day attendance decisions of 7,978
health club members over three years. Members who choose a contract with a flat monthly ...
U Malmendier, G Tate… - 2007 - nber.org
Many financing choices of US corporations remain puzzling even after accounting for
standard determinants such as taxes, bankruptcy costs, and asymmetric information. We
propose that managerial beliefs help to explain the remaining variation across and within ...
YH Lee… - 2007 - nber.org
We employ a novel approach to identify overbidding in the field. We compare auction prices
to fixed prices for the same item on the same webpage. In detailed board-game data, 42
percent of auctions exceed the simultaneous fixed price. The result replicates in a broad ...
S DellaVigna,
JA List… - 2009 - nber.org
Every year, 90 percent of Americans give money to charities. Is such generosity necessarily
welfare enhancing for the giver? We present a theoretical framework that distinguishes two
types of motivation: individuals like to give, eg, due to altruism or warm glow, and ...
C Camerer… - Economic institutions and …, 2007 - books.google.com
CHAPTER SEVEN attention paid to behavioral ideas. This is surprising because it has been
argued that large stock markets are the ultimate domain in which highly rational traders should
limit the influence of those who make mistakes. So why did academic asset pricers start to ...
U Malmendier… - 2004 - nber.org
Traditional economic analysis of markets with asymmetric information assumes that
uninformed agents account for the incentives of informed agents to distort information. We
analyze whether investors in the stock market internalize such incentives. Stock ...
U Malmendier, G Tate, J Yan… - 2010 - usc.edu
Abstract We show that managerial beliefs and personal experiences explain a significant
portion of the variation in corporate financial policies, both across and within firms, that
remains unexplained by standard capital-structure determinants. First, overconfident ...
U Malmendier - Journal of Economic Literature, 2009 - JSTOR
What are the key determinants of financial development and growth? A large literature
debates the relative importance of countries' legal and political environment. In this paper, I
present evidence from ancient Rome, where an early form of shareholder company, the ...
U Malmendier, G Tate… - The Journal of Finance, 2011 - Wiley Online Library
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 ...
EP Lazear, U Malmendier… - Department of Social and …, 2009 - repository.cmu.edu
Laboratory experiments on social preferences typically do not allow for sorting, while many
field settings do. We demonstrate a strong effect of sorting when introduced in the laboratory.
Across four experiments, most individuals who share with others do so reluctantly, ...
E Lazear, U Malmendier… - 2006 - nber.org
What impact do social preferences have in market-type settings where individuals can sort in
response to relative prices? We show that sorting behavior can distinguish between
individuals who like to share and those who share but prefer to avoid the sharing ...
S DellaVigna… - 2001 - nber.org
Abstract Experimental evidence suggests that people have time0inconsistent preferences.
Do these findings hold in the market? Furthermore, are consumers aware of their time0
inconsistency? To address these questions we use a new panel data set from three US ...
J Lerner… - 2011 - nber.org
To what extent do peers affect our occupational choices? This question has been of
particular interest in the context of entrepreneurship and policies to create a favorable
environment for entry. Such influences, however, are hard to identify empirically. We ...
[CITATION] Roman shares
U Malmendier - Origins of Value: A Document …, 2005 - New York: Oxford University Press
U Malmendier… - Unpublished manuscript, UC …, 2009 - faculty-gsb.stanford.edu
Abstract How do individuals form expectations about future inflation rates? We propose that
personal life-time experiences play a significant role in expectation formation. Differently
from existing models of adaptive learning, individuals put a higher weight on realizations ...
AB Güner, U Malmendier, G Tate… - 2006 - nber.org
Abstract Financial scandals and failures have induced regulatory efforts to improve the
financial expertise of board members. However, directors with financial expertise are often
affiliated with a financial institution and may not act in the best interest of shareholders. ...
U Malmendier… - 1798 - stybelpeabody.com
Abstract We analyze whether the volume and returns of merger activities are affected by
CEO overconfidence. Overconfident CEOs over-estimate their ability to generate returns and
perceive outside finance to be over-priced. As a result, they undertake value-destroying ...
U Malmendier,
A Szeidl… - 2008 - elsa.berkeley.edu
Abstract How big is the effect of a few fools on market outcomes? We argue that in auctions,
even a small share of overbidding behavioral agents have a large effect, because the
auction format nfishesofor the highest $ bidding behavioral buyers. Through this fishing ...
[CITATION] Contractibility and contract design in strategic alliances
J Lerner… - … manuscript, Harvard Business School, Cambridge, MA, 2003
U Malmendier… - NBER Working Paper, 2003 - usc.edu
Abstract Traditional economic analysis of markets with asymmetric information assumes that
the uninformed agents account for incentives of the informed agents to distort information.
We analyze whether investors in the stock market are able to account for such incentive ...
CF Camerer… - Behavioral Economics and Its …, 2007 - yrjojahnssoninsaatio.fi
Tuesday, June 29, 2004. This paper was written for the Yrjö Jahnsson Foundation
conference on economic institutions and behavioral economics. This is a very rough working
draft for the conference. The Mark Twain apology applies, we wish we had more time to ...
[CITATION] Do consumers know their willingness to pay? Evidence from eBay auctions
H Ahlee… - 2005 - working paper Stanford University
[CITATION] Paying not to go to the gym
U Malmendier… - American Economic Review, 2006
U Malmendier, G Tate… - 2010 - nber.org
We show that measurable managerial characteristics have significant explanatory power for
corporate financing decisions beyond traditional capital-structure determinants. First,
managers who believe that their firm is undervalued view external financing as overpriced ...
U Malmendier, E Moretti… - 2006 - papers.ssrn.com
Abstract: Do acquiring companies profit from acquisitions? Or do acquiring CEOs overbid
and destroy shareholder value? Answering this question empirically is difficult since the
hypothetical counterfactual is hard to determine. While negative stock reactions to the ...
[CITATION] pAre small investors naive about incentives
U Malmendier… - q Journal of Financial Economics, forthcoming, 2007
[CITATION] Forthcoming.“Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction,”
U Malmendier… - Journal of Financial Economics
[CITATION] CEO optimism and corporate investment
U Malmendier… - Journal of Finance, 2005
UM Malmendier… - Research Papers, 2003 - ideas.repec.org
... 59(2), pages 197-216, April. [Downloadable!] (restricted); Stefano Della Vigna & Ulrike Malmendier,
2004. ... [Downloadable!]. Stefano DellaVigna & Ulrike Malmendier, 2006. "Paying Not to Go to the
Gym," American Economic Review, American Economic Association, vol. ...
U Malmendier… - Unpublished Manuscript, 2010 - economics.harvard.edu
Abstract In many cultures and industries gift giving is a common practice to influence
behavior, often at the expense of a third party. Examples include business gifts given by
suppliers to procurement managers, by pharmaceutical companies to physicians or by ...
U Malmendier… - The American Economic Review, 2011 - ingentaconnect.com
Abstract: We employ a novel approach to identify overbidding in auctions. We compare
online auction prices to fixed prices for the same item on the same webpage. In detailed
data on auctions of a board game, 42 percent of auctions exceed the simultaneous fixed ...
[CITATION] qSuperstar CEOs, rforthcoming
U Malmendier… - Quarterly Journal of Economics, 2009
[CITATION] Do consumers know their willingness to pay: Evidence from ebay auction
H Lee… - 2005 - stanford working paper
[CITATION] Who makes acquisitions? CEO optimism and the market's reaction
U Malmendier… - Journal of Financial Economics, 2008
[CITATION] Financial expertise of directors, Forthcoming
B Güner, U Malmendier… - Journal of Financial Economics, 2006
[CITATION] Overestimating Self0Control: Evidence from the Health Club Industry.'Mimeo University of California
S Della Vigna… - 2002
Z Grossman, S Kariv, U Malmendier… - Job Market Paper, 2008 - Citeseer
Abstract Why do people sacrifice to help others in some situations, but not in others?
Besides a direct taste for helping others, I study three additional psychological motivations
that involve beliefs: social-signaling, which holds that a person wants others to think of her ...
[CITATION] Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking
M Ulrike… - 2008
[CITATION] Shares in Ancient Rome
U Malmendier - Of Interest and Enterprise: Essays in the History of …
[CITATION] Behavioral Economics of Organizations
C Colin… - 2007 - Behavioral Economics and Its …
[CITATION] sDepression Babies: Do Macroeconomic Experiences Affect Risk (Taking?, tManuscript
U Malmendier… - UC Berkeley, 2007
[CITATION] forthcoming.“Paying Not to Go to the Gym.”
S DellaVigna… - American Economic Review
U Malmendier, G Tate… - 2005 - en.scientificcommons.org
Abstract We argue that individual characteristics of managers can explain capital structure
decisions like debt conservatism and pecking-order… nancing choices. Moreover, they can
explain cross-sectional variation in these decisions despite identical… rm characteristics. ...
[CITATION] VBehavioral Economics of Organizations. V in: P. Diamond and H. Vartiainen (eds.), Behavioral Economics and Its Applications
C Camerer… - 2007 - Princeton University Press, …
[CITATION] Corporate financial policies with overconfidence managers
M Ulrike, T Geoffery… - 2005 - Stanford University
[CITATION] Forthcoming.“Overconfidence and Early-life Experiences: The Impact of Managerial Traits on Corporate Financial Policies.”
U Malmendier, G Tate… - Journal of Finance (forthcoming)
U Malmendier - 2002 - en.scientificcommons.org
Publication View. 34017692. Behavioral approaches to contract theory and corporate finance /
(2003). Malmendier, Ulrike. Abstract. Thesis (Ph. D.) -- Harvard University, 2002. Bibliography:
p. 271-282. Photocopy. s. Publication details. Download, http://worldcat.org/oclc/85200599 ...
[CITATION] Work in progress, Contractibility and Contract Design in Strategic Alliances
J Lerner… - National Bureau of Economic …
U Malmendier, MM Opp… - 2011 - papers.ssrn.com
Abstract: Returns to merger announcements are commonly used to measure the expected
value created by mergers. We provide evidence that a significant portion of announcement
returns reflects, instead, a revaluation of the target. Using a sample of withdrawn deals ...
[CITATION] Law and Finance" at the Origin"
U Malmendier - Journal of Economic Literature, 2010
U Malmendier, G Tate… - 2010 - nber.org
In this Online Appendix, we provide a simple theoretical framework to examine the capital
structure predictions of one specific variation in managerial beliefs: CEO (over-) confidence.
The model formalizes the hypothesis development of the main paper and helps to clarify ...
[CITATION] “Roman Shares” Ulrike Malmendier
U Malmendier
U Malmendier - The Quarterly Journal of Economics, 2011 - ideas.repec.org
Every year, 90% of Americans give money to charities. Is such generosity necessarily
welfare enhancing for the giver? We present a theoretical framework that distinguishes two
types of motivation: individuals like to give, for example, due to altruism or warm glow, and ...
Y Bakman… - University of California, Berkeley, 2009 - emlab.berkeley.edu
Abstract: This paper aims to look at banks' portfolios, specifically their holdings of residential
mortgage assets, to determine if regulation has any affect on the composition. We do this by
looking for clear discontinuities at times where we have a change in regulation, whether it ...
C Avery, A Beggs, S Bikhchandani, S Board… - Economic …, 2004 - mendeley.com
Abstract This chapter provides an elementary, non-technical survey of auction theory, by
introducing and describing some of the critical papers in the subject.(The most important of
these are reproduced in a companion book, Klemperer, Paul (ed.)(2000a) The Economic ...
D Shanthikumar… - 2004 - papers.ssrn.com
Abstract: Traditional economic analysis of markets with asymmetric information assumes that
uninformed agents account for the incentives of informed agents to distort information. We
analyze whether investors in the stock market internalize such incentives. Stock ...
U Malmendier… - 2011 - cesifo-group.de
Abstract In many cultures and industries gift giving is a common practice to influence
behavior, often at the expense of a third party. Examples include business gifts given by
suppliers to procurement managers, by pharmaceutical companies to physicians or by ...
[CITATION] Mecca or Mirage? The Determinants and Outcomes of Entrepreneurship of Recent Harvard Business School Graduates
U Malmendier…
U Malmendier, MM Opp… - 2011 - nber.org
Abstract Returns to merger announcements are commonly used to measure the expected
value created by mergers. We provide evidence that a significant portion reflects, instead, a
revaluation of the target. Using a sample of unsuccessful merger bids from 1980 to 2008, ...
U Malmendier, G Tate… - econ.berkeley.edu
ACitation format: Malmendier, Ulrike, Geoffrey Tate, and Jon Yan,[year], Internet Appendix to
nOverconfi% dence and Early% life Experiences: The Effect of Managerial Traits on
Corporate Financial Policies, oJournal of Finance [vol#],[pages], http://www. afajof. org/IA/[ ...
JA Powell, D Ahn, B DeLong… - STAINED GLASS- …, 1997 - econ.berkeley.edu
*** PAPERS WILL BE AVAILABLE IN 611 EVANS HALL UNLESS NOTED OTHERWISE *** ALL
SEMINARS ARE OPEN TO THE PUBLIC. ANYONE INTERESTED IS INVITED. We ask that individuals
requesting sign language interpreters or listening devices make their requests to the ...
N Barberis, C Lee,
S Benartzi, UU Malmendier… - 2010 - researchraven.com
Management Science will publish a special issue on research broadly related to behavioral
economics and finance and their applications in related fields including marketing,
operations management, and organizational behavior. The goal of the special issue is to ...
U MALMENDIER - econ.berkeley.edu
The historic roots of contemporary legal systems have attracted a surprising amount of
attention in the modern economics and finance literature. Economists who investigate the
determinants of financial development and economic growth across countries have long ...
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