Whole sample

Rationality (OC = 0)

(1)

Overconfidence (OC = 1)

(2)

Difference

(3) = (1) − (2)

Max

Min

STD

Mean

Incentive

8.347

0

1.685

0.507

0.537

0.356

0.181***

separation

1.000

0

0.443

0.731

0.7410

0.619

0.122***

Research

25.300

0

4.077

3.921

3.952

3.616

0.337**

Growth

234.300

−100.000

40.830

16.686

16.892

14.376

2.517*

ROA

23.250

−22.460

6.383

3.795

4.034

1.117

2.917***

PB

51.060

−1.246

6.438

5.016

5.038

4.766

0.272

Return

15.210

−0.838

0.633

0.218

0.218

0.211

0.007

Value

19.110

9.398

0.944

13.226

13.248

12.979

0.269***

Firm age

26.050

0.997

6.227

9.3983

9.692

6.105

3.586***

Fixasset

18.040

−2.013

1.739

10.772

10.773

10.769

0.004

Lev

102.800

4.635

22.460

43.958

43.829

45.412

−1.583*

State

1.000

0

0.473

0.337

0.355

0.136

0.219***

COCEN

98.550

1.320

15.670

57.416

57.394

57.668

−0.275

Age

60.630

32.330

3.611

46.417

46.493

45.569

0.924***

Tenure

8.743

−0.266

1.842

3.419

3.428

3.317

0.111*