Three essays in behavioral finance
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Type
Electronic thesis
Thesis
Thesis
Language
ENG
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Degree
PhD
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Abstract
In the first chapter, using a large panel dataset from 1994 to 2011, we investigate the relationship between CEO and CFO optimism and firms' stock price crash risk. We find that although CEO and CFO optimism is positively related to firms' future stock price crash risk, CEO optimism is actually more important than CFO optimism. We also find that optimism exists in a continuum and excessively optimistic executives are more detrimental to firms that those with only slightly elevated level of optimism.
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August 2014
School of Management
School of Management
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Publisher
Rensselaer Polytechnic Institute, Troy, NY