Publication: Overconfidence and investment: an experimental approach
Overconfidence and investment: an experimental approach
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Pikulina, E., Renneboog, L., & Tobler, P. N. (2017). Overconfidence and investment: an experimental approach. Journal of Corporate Finance, 43, 175–192. https://doi.org/10.1016/j.jcorpfin.2017.01.002
Abstract
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A positive relation between overconfidence and investment provision has been theoretically justified and practically assumed in the literature, but has not been thoroughly investigated. We test and confirm this positive relation between direct measures of overconfidence in one's financial knowledge and choice of investment. More precisely, strong overconfidence results in excess investment, underconfidence induces underinvestment, whereas moderate overconfidence leads to accurate investments. Our experimental results are based on diff
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- Pikulina, Elena
- Renneboog, Luc
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Pikulina, E., Renneboog, L., & Tobler, P. N. (2017). Overconfidence and investment: an experimental approach. Journal of Corporate Finance, 43, 175–192. https://doi.org/10.1016/j.jcorpfin.2017.01.002
