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Focusing on behavioral corporate finance, we argue that personal characteristics of chief executive officers, in particular overconfidence, can account for the widespread distortion of overinvestment in China. Based on the data of Chinese listed companies from 2004-2008, we study the relationship between managerial overconfidence and corporate overinvestment. The main result is that managerial overconfidence...
This paper analyses the impact of debt on corporate investment under the framework of duplicate soft budget constraint among the government, banks and firms in China. I find that in the corporate with low growth opportunity and high CFO, it shows significantly negative relationship between debt and investment in non-state-owned company. But in state-owned company it doesn't. There is a significantly...
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