On the Evolution of Overconfidence and Entrepreneurs

By Antonio E. Bernardo, Ivo Welch. 2001

365 citations recorded by the source corpus.

Subfields: Demography, Management Science and Operations Research, Safety Research

View Paper: https://www.semanticscholar.org/paper/f5916395d9b72a6ae7c4a600b824cb64ffaf6042

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Citations in the corpus

Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction (2008, neutral): “The index, based on logit estimates from Kaplan and Zingales (1997), is defined as KZit ¼ 1:001909 CFit Kit 1 þ 0:2826389 Qit þ 3:139193 Levit 39:3678 Divit Kit 1 1:314759 Cit Kit 1 28 See, e.g., Lang and Stulz (1994), Berger and Ofek (1995), Servaes (1996), and Lamont and Polk (2002).”
Experimentation and the Returns to Entrepreneurship (2016, neutral): “Using longitudinal data, I find patterns that are consistent with entrepreneurship as experimentation and returns to entrepreneurship that are more attractive than established by previous research.”
The Economics of Slums in the Developing World (2013, background): “…fi nd that entrepreneurship does not pay (Hamilton 2000; Moskowitz and Vissing-Jørgensen 2002), but some of this may be due to nonpecuniary benefi ts of being self-employed (Hamilton 2000) or perhaps to the overconfi dence that entrepreneurs have in their own skills (Bernardo and Welch 2001).”
What I See, What I Do (2015, background): “Third, a hubristic executive is more likely to exhibit a strong “internal locus of control” as hubristic decision makers tend to believe they hold more information than they actually have and normally consider their own information as more valuable (Bernardo & Welch, 2001; Hayward & Hambrick, 1997).”
Opportunity Cost of Capital for Venture Capital Investors and Entrepreneurs (2004, neutral): “Bernardo and Welch (2001) offer a sorting explanation for why over-confidence persists among entrepreneurs.”
Macro-level determinants of formal entrepreneurship versus informal entrepreneurship (2014, background): “This tendency can be explained by the fact that new entrepreneurs often lack experience, resources and information, causing them to imitate other entrepreneurs (Bernardo and Welch, 2001; Lieberman and Asaba, 2006).”
Overconfidence and Market Efficiency with Heterogeneous Agents (2006, background): “2DeLong, Shleifer, Summers, and Waldmann (1990), DeLong, Shleifer, Summers, and Waldmann (1991), Shleifer and Vishny (1997), and Bernardo and Welch (2001), among others, demonstrate that irrational traders may have long-term viability and can coexist with rational traders.”
Smart and Illicit: Who Becomes an Entrepreneur and Do They Earn More? (2017, background): “We show that the incorporated self-employed and their businesses engage in activities that de- mand comparatively strong nonroutine cognitive abilities, while the unincorpo- rated and their firms perform tasks demanding relatively strong manual skills.”
Managerial Traits and Capital Structure Decisions (2008, neutral): “Bernardo and Welch (2001) derive an optimal proportion of entrepreneurs that balances information effects against failure rates.”
The Entrepreneur's Choice between Private and Public Ownership (2006, background): “While they may simply represent the heterogeneous initial assessments of rational agents (Kurz(1994a,b)), we do not rule out overconfidence (Bernardo and Welch (2001)), optimism (Manove and Padila (1999)), or other behavioral biases as the source.”