Dr. Tobias Scheinert, CFA
Metropolregion Berlin/Brandenburg
1397 Follower:innen
500+ Kontakte
Aktivitäten
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MANAGEMENT-BETEILIGUNG BEI ALLTHINGS Allthings hat sich in den letzten Jahren zur Plattform der Wahl für strategisch denkende Gebäudeeigentümer und…
MANAGEMENT-BETEILIGUNG BEI ALLTHINGS Allthings hat sich in den letzten Jahren zur Plattform der Wahl für strategisch denkende Gebäudeeigentümer und…
Beliebt bei Dr. Tobias Scheinert, CFA
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Today, we are delighted to announce the first closing of our debut fund targeting a volume of €120M to build a new ecosystem of European leaders in…
Today, we are delighted to announce the first closing of our debut fund targeting a volume of €120M to build a new ecosystem of European leaders in…
Beliebt bei Dr. Tobias Scheinert, CFA
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Bescheinigungen und Zertifikate
Veröffentlichungen
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Managerial Biases and Debt Contract Design: The Case of Syndicated Loans
Management Science
Veröffentlichung anzeigenWe examine whether managerial overconfidence impacts the use of performance-pricing provisions in loan contracts (performance-sensitive debt [PSD]). Managers with biased views may issue PSD because they consider this form of debt to be mispriced. Our evidence shows that overconfident managers are more likely to issue rate-increasing PSD than regular debt. They choose PSD with steeper performance-pricing schedules than those chosen by rational managers. We reject the possibility that…
We examine whether managerial overconfidence impacts the use of performance-pricing provisions in loan contracts (performance-sensitive debt [PSD]). Managers with biased views may issue PSD because they consider this form of debt to be mispriced. Our evidence shows that overconfident managers are more likely to issue rate-increasing PSD than regular debt. They choose PSD with steeper performance-pricing schedules than those chosen by rational managers. We reject the possibility that overconfident managers have (persistent) positive private information and use PSD for signaling. Finally, firms seem to benefit less from using PSD ex post if they are managed by overconfident rather than rational managers.
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The Impact of Pre-Acquisilion Alliances on Post-Acquisilion Performance
Forum Mergers & Acquisitions 2014 / Springer Gabler
Projekte
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CEO Overconfidence and Bank Lending Policy
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Managerial Biases and Debt Contract Design: The Case of Syndicated Loans
We examine whether managerial overconfidence impacts the use of performance-pricing provisions in loan contracts (performance-sensitive debt [PSD]). Managers with biased views may issue PSD because they consider this form of debt to be mispriced. Our evidence shows that overconfident managers are more likely to issue rate-increasing PSD than regular debt. They choose PSD with steeper performance-pricing schedules than those chosen by rational managers. We reject the possibility that…
We examine whether managerial overconfidence impacts the use of performance-pricing provisions in loan contracts (performance-sensitive debt [PSD]). Managers with biased views may issue PSD because they consider this form of debt to be mispriced. Our evidence shows that overconfident managers are more likely to issue rate-increasing PSD than regular debt. They choose PSD with steeper performance-pricing schedules than those chosen by rational managers. We reject the possibility that overconfident managers have (persistent) positive private information and use PSD for signaling. Finally, firms seem to benefit less from using PSD ex post if they are managed by overconfident rather than rational managers.
Andere Mitarbeiter:innen -
Auszeichnungen/Preise
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Research/Travel Grant der Wirtschaftswissenschaftlichen Gesellschaft
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Research/Travel Grant der Wirtschaftswissenschaftlichen Gesellschaft
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New York University (NYU) Exchange Grant
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Erasmus Stipendium
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Sprachen
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Deutsch
Muttersprache oder zweisprachig
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Englisch
Verhandlungssicher
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Spanisch
Grundkenntnisse
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Französisch
Grundkenntnisse
Organisationen
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American Finance Association
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Collaborative Research Center 649: Economic Risk
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European Finance Association
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–Heute
