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Risk Factor Disclosures and CEO Overconfidence : 위험 공시와 최고경영자 자기과신 성향
DC Field | Value | Language |
---|---|---|
dc.contributor.advisor | 안태식 | - |
dc.contributor.author | 장선경 | - |
dc.date.accessioned | 2019-05-07T03:01:17Z | - |
dc.date.available | 2019-05-07T03:01:17Z | - |
dc.date.issued | 2019-02 | - |
dc.identifier.other | 000000154357 | - |
dc.identifier.uri | https://hdl.handle.net/10371/150558 | - |
dc.description | 학위논문 (석사)-- 서울대학교 대학원 : 경영대학 경영학과, 2019. 2. 안태식. | - |
dc.description.abstract | This paper examines whether CEO overconfidence influences the information contents of the Risk Factors section in 10-K report. We find that overconfident CEOs are less likely to use risk-associated words in the Risk Factors section. This is because overconfident CEOs perceive less risk or they have the illusion that they can effectively control the risk faced by the firms. This paper also finds that risk factor disclosures significantly increase during the 2008 global financial crisis. Overconfident CEOs, however, do not change their behavior even under the crisis maintaining their illusion. These findings suggest that managers overconfidence bias may cause a deviation from the optimal level of risk factor disclosures. | - |
dc.description.tableofcontents | Table of Contents
1. Introduction · · · 1 2. Literature Review and Hypothesis Development · · · 5 2.1. Prior Literature on Risk Factor Disclosure · · · 5 2.2. Prior Literature on CEO Overconfidence · · · 7 2.3. Hypothesis Development · · · 9 3. Research Design and Data · · · 11 3.1. Risk Factor Disclosure Measure · · · 11 3.2. CEO Overconfidence Measure · · · 13 3.3. Model Specification · · · 15 3.4. Data · · · 17 4. Empirical Results · · · 18 4.1. Descriptive Statistics and Univariate Analysis · · · 18 4.2. Total keyword counts and keyword counts in subcategories and CEO Overconfidence · · ·19 5. Robustness Tests · · · 21 5.1. Alternative Risk Factor Disclosure Measure · · · 21 5.1.1. Fog Index of Risk Factors Section and CEO Overconfidence · · · 21 5.1.2. Risk Factor Disclosures including MD&A section and CEO Overconfidence · · · 22 5.2. Alternative CEO Overconfidence Measure: Over-Investment · · · 23 6. Additional Test · · · 24 7. Conclusion · · · 26 References · · · 29 Appendix A. Definitions of Variables · · · 33 Appendix B. Keywords List by Risk Category · · · 35 Tables · · · 39 Abstract in Korean · · · 59 | - |
dc.language.iso | eng | - |
dc.publisher | 서울대학교 대학원 | - |
dc.subject.ddc | 658 | - |
dc.title | Risk Factor Disclosures and CEO Overconfidence | - |
dc.title.alternative | 위험 공시와 최고경영자 자기과신 성향 | - |
dc.type | Thesis | - |
dc.type | Dissertation | - |
dc.description.degree | Master | - |
dc.contributor.affiliation | 경영대학 경영학과 | - |
dc.date.awarded | 2019-02 | - |
dc.contributor.major | 회계학 | - |
dc.identifier.uci | I804:11032-000000154357 | - |
dc.identifier.holdings | 000000000026▲000000000039▲000000154357▲ | - |
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