Is managerial overconfidence a determinant of stock repurchases? Evidence from Japan

The 38th Annual Meeting of the Accounting and Economic Association of Japan

The purpose of this study is to empirically examine the possibility that "overconfidence" as a psychological characteristic of managers may motivate companies to implement capital policies. As a result of the verification, it was observed that, unlike the verification results of previous studies overseas, overconfident managers are less likely to buy back their own shares in Japan.