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dc.contributor.advisorRoberts, Helen
dc.contributor.advisorTan, Eric
dc.contributor.advisorHe, Ren
dc.contributor.authorWu, Yan
dc.date.available2020-10-11T23:09:37Z
dc.date.copyright2020
dc.identifier.citationWu, Y. (2020). Managerial overconfidence and corporate investment decisions - Research based on Chinese listed companies (Thesis, Doctor of Business Administration). University of Otago. Retrieved from http://hdl.handle.net/10523/10440en
dc.identifier.urihttp://hdl.handle.net/10523/10440
dc.description.abstractManagerial overconfidence refers to a manager’s strong belief in their management ability, their ability to choose better investment opportunities, and the richness of their perceived knowledge level. That is, overconfident managers consistently assess opportunities as being of higher value than the actual situation because of managerial psychological bias, commonly referred to as managerial overconfidence. This thesis uses Overconfidence Theory to study the investment decision-making of Listed Companies in China.The analysis looks at the M&A events in the A-share market of Shanghai and Shenzhen Stock Exchanges from January 1, 2012 to December 31, 2013 to investigate the behavior of managerial investment choices. The results show that, consistent with the theory of managerial overconfidence, overconfident Chinese managers demonstrate a positive association with the scale of investment and level of corporate overinvestment. In particular, the evidence suggests that firms with higher free cash flows and overconfident managers are associated with significantly higher levels of investment activity.
dc.language.isoen
dc.publisherUniversity of Otago
dc.rightsAll items in OUR Archive are provided for private study and research purposes and are protected by copyright with all rights reserved unless otherwise indicated.
dc.subjectOverconfidence of managers
dc.subjectInvestment decision-making
dc.subjectOverinvestment
dc.subjectCash flow
dc.titleManagerial overconfidence and corporate investment decisions - Research based on Chinese listed companies
dc.typeThesis
dc.date.updated2020-10-09T03:56:02Z
dc.language.rfc3066en
thesis.degree.disciplineAccountancy and Finance
thesis.degree.nameDoctor of Business Administration
thesis.degree.grantorUniversity of Otago
thesis.degree.levelDoctoral
otago.interloanno
otago.openaccessAbstract Only
otago.evidence.presentYes
otago.abstractonly.term26w
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