Entrepreneur's Overconfidence, Private Benefits and the Market Performance of the Firm

Many firms around the world are managed and partially owned by entrepreneurs. These entrepreneurs hold under diversified portfolios and, therefore, bear idiosyncratic risk in addition to systematic risk. To compensate the additional risk borne, they extract private benefits. In this paper, we analyse how an entrepreneur's overconfidence affects the market performance of the firm, through the channel of private benefits. We show that two dimensions of overconfidence, namely overestimation of future cash-flows and underestimation of idiosyncratic risk (called miscalibration), have opposite effects on the private benefits extracted by the entrepreneur. As a consequence, firms managed and partially owned by overconfident entrepreneurs can deliver overperformance or underperformance, depending on the prevalence of overestimation or miscalibration of the beliefs of the entrepreneur.

Reliable detection of directional couplings using rank statistics

To detect directional couplings from time series various measures based on distances in reconstructed state spaces were introduced. These measures can, however, be biased by asymmetries in the dynamics' structure, noise color, or noise level, which are ubiquitous in experimental signals. Using theoretical reasoning and results from model systems we identify the various sources of bias and show that most of them can be eliminated by an appropriate normalization. We furthermore diminish the remaining biases by introducing a measure based on ranks of distances. This rank-based measure outperforms existing distance-based measures concerning both sensitivity and specificity for directional couplings. Therefore, our findings are relevant for a reliable detection of directional couplings from experimental signals.

Kinship in entrepreneur networks: Performance effects of resource assembly in Africa

We examine the relationship between structural social capital, resource assembly, and firm performance of entrepreneurs in Africa. We posit that social capital primarily composed of kinship or family ties helps the entrepreneur to raise resources, but it does so at a cost. Using data drawn from small firms in Kampala, Uganda, we explore how shared identity among the entrepreneur's social network moderates this relationship. A large network contributed a higher quantity of resources raised, but at a higher cost when shared identity was high. We discuss the implications of these findings for the role of family ties and social capital in resource assembly, with an emphasis on developing economies.

Vital Statistics of Iowa, 2000

This publication is an historical recording of the most requested statistics on vital events and is a source of information that can be used in further analysis.

Vital Statistics of Iowa, 1999

This publication is an historical recording of the most requested statistics on vital events and is a source of information that can be used in further analysis.

Vital Statistics of Iowa, 2003

This publication is an historical recording of the most requested statistics on vital events and is a source of information that can be used in further analysis.

Vital Statistics of Iowa, 2002

This publication is an historical recording of the most requested statistics on vital events and is a source of information that can be used in further analysis.

Vital Statistics of Iowa in Brief, 2004

This publication is an historical recording of the most requested statistics on vital events and is a source of information that can be used in further analysis.

Vital Statistics of Iowa in Brief, 2001

This publication is an historical recording of the most requested statistics on vital events and is a source of information that can be used in further analysis.

Vital Statistics of Iowa in Brief, 2002

This publication is an historical recording of the most requested statistics on vital events and is a source of information that can be used in further analysis.

Vital Statistics of Iowa in Brief, 2003

This publication is an historical recording of the most requested statistics on vital events and is a source of information that can be used in further analysis.

Pocket Digest Iowa Public Library Statistics, 1999

The pocket digest for public library statistics highlights pertinent information about public libraries in Iowa.

Pocket Digest Iowa Public Library Statistics, 1999

The pocket digest for public library statistics highlights pertinent information about public libraries in Iowa.

Pocket Digest Iowa Public Library Statistics, 2000

The pocket digest for public library statistics highlights pertinent information about public libraries in Iowa.