This study examines the impact of CEO overconfidence on the level of short-selling activity, as proxied by the short interest ratio. This research employs 19,300 listed firm-year observations from the US market for the period 1998–2017. After controlling for firm and institutional characteristics, empirical results show that short interest is positively associated with CEO overconfidence. The findings further reveal that this positive correlation is more pronounced when the product market competition is high and when the firm is more financially constrained. This study is the first of its kind in that it comprehensively investigates the correlation between CEO overconfidence and short interest. The findings serve as valuable references for corporate governors with insights into the overconfidence effect of management. Likewise, investors benefit from information on the overconfidence effect as it allows them to better identify firms that match or do not match their financial goals and directions.

本研究考察 CEO 过度自信对卖空活动水平的影响，以卖空利率为代表。该研究采用了 1998 年至 2017 年期间美国市场的 19,300 家上市公司年度观察数据。在控制了公司和制度特征后，实证结果表明，空头兴趣与 CEO 过度自信呈正相关。研究结果进一步表明，当产品市场竞争激烈且公司财务受到更多限制时，这种正相关关系更为明显。这项研究是同类研究中的第一个，因为它全面调查了 CEO 过度自信与空头兴趣之间的相关性。研究结果为企业管理者提供了宝贵的参考，可以深入了解管理层的过度自信效应。同样地，