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      CEO Overconfidence and Tone of Annual Report

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      HUSSAIN-THESIS-2019.pdf (1.233Mb)
      Date
      2019-11-27
      Author
      Hussain, Shafayat 1993-
      Type
      Thesis
      Degree Level
      Masters
      Metadata
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      Abstract
      I examine the impact of CEO overconfidence on the sentimental tones used by firms in the annual reports. Following Loughran & McDonald’s sentiment word list, the thesis investigates whether firms headed by overconfident CEOs tend to use more favorably or tend to avoid positive, strong, moderate, negative, uncertain, litigious, constraining and weak tones while filing 10-K reports. The thesis provides strong evidence of lesser instances of negative and strong tones in annual reports of the firms headed by overconfident CEOs and weak evidence of lesser instances of litigious tone. The thesis also provides strong evidence of firms headed by overconfident CEOs with higher levels of cash increasing the use of strong tone in annual reports, and more valued decreasing the use of litigious tone. Also, the results show weak evidence of firms headed by overconfident CEOs with higher capital expenditure increasing the use of negative tone and highly leveraged firms headed by overconfident CEOs decreasing the use of litigious tone.
      Degree
      Master of Science (M.Sc.)
      Department
      Finance
      Program
      Finance
      Supervisor
      Mishra, Dev; Mamun, Abdullah
      Committee
      Park, Han-Up; Tannous, George; Maung, Min
      Copyright Date
      November 2019
      URI
      http://hdl.handle.net/10388/12466
      Subject
      overconfidence
      tone
      annual report
      CEO
      textual analysis
      10-K
      negative tone
      litigious tone
      strong tone
      strong modal words
      strong modal verbs
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