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Managerial overconfidence in initial public offering decisions and its impact on macrodynamics and financial stability: Analysis using an agent-based model

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cris.lastimport.scopus2024-02-12T19:33:22Z
dc.abstract.enIn this study we build a macroeconomic agent-based model that is calibrated for the specific case of Poland to explore whether the overconfidence of top corporate managers in the context of their initial public offering (IPO) decisions is detrimental for the firms being managed in this way, the financial market dynamics, and the selected macroeconomic indicators. We found a contradiction between the micro and macro impacts of overconfidence. Overconfident firms showed better performance in terms of output than other firms but were also more exposed to stock market volatility, thereby making them more likely to default. The higher default rates of overoptimistic firms negatively impacted the banking sector and increased financial instability. Finally, we ran policy shocks and showed that increased financial instability can be offset by strengthening the regulation of the banking sector.
dc.affiliationUniwersytet Warszawski
dc.contributor.authorRzeszutek, Marcin
dc.contributor.authorGodin, Antoine
dc.contributor.authorAugier, Stanislas
dc.contributor.authorSzyszka, Adam
dc.date.accessioned2024-01-25T05:32:12Z
dc.date.available2024-01-25T05:32:12Z
dc.date.copyright2020-07-20
dc.date.issued2020
dc.description.accesstimeBEFORE_PUBLICATION
dc.description.financePublikacja bezkosztowa
dc.description.versionFINAL_PUBLISHED
dc.description.volume118
dc.identifier.doi10.1016/J.JEDC.2020.103965
dc.identifier.issn0165-1889
dc.identifier.urihttps://repozytorium.uw.edu.pl//handle/item/111761
dc.identifier.weblinkhttps://www.sciencedirect.com/science/article/pii/S0165188920301330#!
dc.languageeng
dc.pbn.affiliationpsychology
dc.relation.ispartofJournal of Economic Dynamics and Control
dc.relation.pages103965
dc.rightsCC-BY-NC-ND
dc.sciencecloudnosend
dc.subject.enoverconfidence
dc.subject.enbehavioral corporate finance
dc.subject.enagent-based-model
dc.subject.plzbytnia pewność siebie
dc.subject.plmodel oparty na agentach
dc.subject.plbehawioralne finanse przedsiębiorstw
dc.titleManagerial overconfidence in initial public offering decisions and its impact on macrodynamics and financial stability: Analysis using an agent-based model
dc.typeJournalArticle
dspace.entity.typePublication