Managerial Overconfidence and Market Feedback Effects

The authors acknowledge the thoughtful comments of Gustavo Manso (the editor), two anonymous reviewers and the anonymous associate editor, Alex Edmans, Marcin Kacperczyk, Itay Goldstein, David Hirshleifer, Wei Jiang, Liyan Yang, Jan Schneemeier, Russ Wermers, Haifeng Guo, Mark Humphery-Jenner, Fengfei Li, Vikas Mehrotra, Saurin Patel, and Eric Tan. The authors also thank the seminar participants at the American Finance Association Annual Meeting 2017, Asian Finance Association Annual Meeting 2017, Annual Conference of the Swiss Society for Financial Market Research 2017, European Financial Management Association Greece 2017 Meetings, Northern Finance Association Annual Meeting 2016, Financial Management Association Asia 2016, Southern University of Science and Technology, Southern Methodist University, University of Oklahoma, University of New South Wales, Stevens Institute of Technology, University of Texas at Dallas, University of Wyoming, and Indian Institute of Management, Calcutta.