نویسندگان
چکیده
کلیدواژهها
عنوان مقاله [English]
In this research, we studied the effect of managers’ professional experience on their risktaking and also overconfidence and herding as important behavioral biases which have influence on managers’ risktaking and investment decisions.Our final goal of this research is to find out whether managers’ professional experience influences the return of their investments or not.
The result of analyzing data with Univariate and Multivariate Ordered Probit and Tobit Regression Models in Eviews, identified that there is a negative significant relation between managers’ experience and their risktaking and there is a positive significant one between managers’ experience and herding behavior. Also, the relation between experience and overconfidence is different depending on the kind of overconfidence. But overally we can say that there is a significant negative relation between experience and overconfidence. These results mean that inexperienced managers in comparison with experienced ones have more overconfidence and less herding behavior and are more risky that yield higher returns. So, we can conclude that there is a negative relation between return and professional experience of managers in investment companies in Tehran Stock Exchange.
However, it should be mentioned that one of the main findings of this research is presenting a conceptual model that identifies relation between all variables and the impact of each one on managers’ returns.
کلیدواژهها [English]
)