What Is CEO Overconfidence? Evidence from Executive Assessments

Kaplan is with the University of Chicago Booth School of Business and NBER. Sørensen is with the Tuck School of Business and CEPR. Zakolyukina is with the University of Chicago Booth School of Business. We thank ghSMART for providing the data and for helpful discussions and comments. We thank Geoffrey Tate (discussant), Yueran Ma, and seminar participants at Chicago Booth, 10th Miami Behavioral Finance Conference, and Yale School of Management for helpful comments. We thank Sehwa Kim, Jisoo Lee, Yuriy Olshanskiy, Michael Davis, Jacob Posner, Nina Linchenko, Jingyu Zhang, and Kan Xu for outstanding research support. This study was approved by the University of Chicago IRB protocol IRB20-0210. This research has been supported by the Fama-Miller Center and the Center for Research in Security Prices. Zakolyukina acknowledges financial support from the IBM Corporation Faculty Research Fund, William Ladany Faculty Research Fund, and the University of Chicago Booth School of Business. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.