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hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorGenc, Caroline
dc.date.accessioned2021-10-18T14:35:16Z
dc.date.available2021-10-18T14:35:16Z
dc.date.issued2021
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/22044
dc.language.isoenen
dc.subjectbehavioral entrepreneurshipen
dc.subjectconfidenceen
dc.subjectfinancingen
dc.subject.ddc658.1en
dc.subject.classificationjelL.L2.L26en
dc.subject.classificationjelG.G3.G32en
dc.subject.classificationjelG.G3.G33en
dc.titleOn the stigma of failure for behavioral entrepreneursen
dc.typeCommunication / Conférence
dc.description.abstractenBehavioral biases and agency frictions are essential to the financing of new ventures. This paper develops a moral hazard model with subjective beliefs that captures distinct forms of behavioral biases and identifies conditions under which an entrepreneur will experience stigma of failure. While overconfidence protects entrepreneurs from the direct consequences of being stigmatized, optimism alone should not. Hence, when optimistic entrepreneurs are mistaken for overconfident ones, investors are more likely to finance negative NPV projects. Such suboptimal decisions also appear when investors are optimistic, in which case entrepreneurial overconfidence fosters the excess financing of negative NPV projects. On the contrary, when investors are pessimistic, entrepreneurial overconfidence reduces the underfinancing ofgood projects. I discuss macroeconomic implications and provide empirical predictions.en
dc.subject.ddclabelGestion financière, capital risque, création de valeuren
dc.relation.conftitle37th International Conference of the French Finance Association (AFFI)en
dc.relation.confdate2021-05
dc.relation.confcityNantesen
dc.relation.confcountryFranceen
dc.relation.forthcomingnonen
dc.description.ssrncandidatenon
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewednonen
dc.date.updated2021-10-18T13:59:10Z
dc.subject.classificationjelHALL - Industrial Organization::L2 - Firm Objectives, Organization, and Behavior::L26 - Entrepreneurshipen
dc.subject.classificationjelHALG - Financial Economics::G3 - Corporate Finance and Governance::G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwillen
dc.subject.classificationjelHALG - Financial Economics::G3 - Corporate Finance and Governance::G33 - Bankruptcy; Liquidationen
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