This study deals with a new survey for the relationship between CEO optimism and investment cash flow (ICF) sensitivity in presence of asymmetric information and agency costs problems. In this paper, we conduct an empirical study of ICF among NYSE manufacture firms during the period 1999–2010. Our results report that the ICF sensitivity exists and is significant especially for firms that run agency costs. This result is robust to a battery of different model including alternative assumptions and different methodologies based on Adjusted Q-model and Euler equation model. For another set of tests, we demonstrate that a large blockholders holding may succeed to reduce investment cash flow caused by CEOs optimism bias.

本研究针对存在不对称信息和代理成本问题的首席执行官乐观度与投资现金流量（ICF）敏感性之间的关系进行了一项新的调查。在本文中，我们对1999年至2010年期间纽约证交所制造公司中的ICF进行了实证研究。我们的结果报告说，ICF敏感性存在并且特别重要，特别是对于管理代理成本的公司而言。该结果对于不同模型的电池具有鲁棒性，包括基于可调整Q模型和Euler方程模型的替代假设和不同方法。在另一组测试中，我们证明了由大股东持有的股份可能成功地减少了由于首席执行官的乐观偏见引起的投资现金流量。