Note(s): Columns (1), (2), (3) and (4) of Table 7 report regression results controlling for CEO overconfidence. In particular, column (1) is the regression result of measuring CEO overconfidence using the relative proportion of CEO pay Ocf1, which is the CEO pay divided by the sum of all executives' pay. Column (2) is the regression result measuring overconfidence Ocf2 based on executives' investment decisions. Column (3) is the regression result measuring overconfidence Ocf3 based on CEO’s personal characteristics. Column (4) is the regression result measuring overconfidence Ocf4 based on the change of CEO holdings. Other variables are defined in Table 1. All regressions are firm-level clustered robust standard errors. *, ** and *** denote significance at the 10%, 5% and 1% levels, respectively