THE EFFECT OF OVERCONFIDENCE MANAGERS ON THE COMPANY'S RISK POLICIES

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HAJIHASHEMI VERNOSEFADERANI MANSOUREH; ABDOLI MOHAMMADREZA

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Journal: FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT) Year:2018 | Volume:9 | Issue:34 Page(s): 105-119

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Title

THE EFFECT OF OVERCONFIDENCE MANAGERS ON THE COMPANY'S RISK POLICIES

Author(s)

HAJIHASHEMI VERNOSEFADERANI MANSOUREH | ABDOLI MOHAMMADREZA | Issue Writer Certificate

Keywords

MODIFIED OVERCONFIDENCE MODELQ1

PSYCHOLOGICAL VARIABLESQ1

MANAGEMENTQ2

RISKQ2

BEHAVIORAL BIASQ1

Abstract

In this research, we study the effects of overconfidence of managers (one of BEHAVIORAL BIAS) and its impact on companies’ RISK policy from operational, financial and market perspectives. Due to weakness of existing modeks in describing PSYCHOLOGICAL VARIABLES influencing overconfidence, first a justified model of overconfidence has been presented. To estimate model's parameters, random effects statistical model has been used. In this regard, a total of 98 companies listed on the Tehran Stock Exchange have been studied. Years 1389 to 1394 (Hijri calendar) is the period of investigation.Since the t-test value of financial and business RISK is greater than 1.965 and its significance level is also less than 0.5, linear correlation between the business and financial RISK and overconfidence is approved. Also t-test value of market RISK is lower than 1.965 and its significance level is higher than 0.5. So linear and significant relation between the market RISK and manager overconfidence is rejected. As the final conclusion, results confirm significant relationships between overconfidence and financial RISK MANAGEMENT and also business RISK MANAGEMENT. In the meantime, a significant relationship between overconfidence and market RISK has not been observed.

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APA: Copy

HAJIHASHEMI VERNOSEFADERANI, MANSOUREH, & ABDOLI, MOHAMMADREZA. (2018). THE EFFECT OF OVERCONFIDENCE MANAGERS ON THE COMPANY'S RISK POLICIES. FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT), 9(34 ), 105-119. SID. https://sid.ir/paper/197583/en

Vancouver: Copy

HAJIHASHEMI VERNOSEFADERANI MANSOUREH, ABDOLI MOHAMMADREZA. THE EFFECT OF OVERCONFIDENCE MANAGERS ON THE COMPANY'S RISK POLICIES. FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT)[Internet]. 2018;9(34 ):105-119. Available from: https://sid.ir/paper/197583/en

IEEE: Copy

MANSOUREH HAJIHASHEMI VERNOSEFADERANI, and MOHAMMADREZA ABDOLI, “THE EFFECT OF OVERCONFIDENCE MANAGERS ON THE COMPANY'S RISK POLICIES,” FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT), vol. 9, no. 34 , pp. 105–119, 2018, [Online]. Available: https://sid.ir/paper/197583/en

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