...Meng Li; Stanimir Markov; Susan Shu ABSTRACT We explore whether managers’ strong desire for good performance distorts their expectations and, consequently, corporate investment efficiency. We find that managers overweight favorable information and underweight unfavorable information, resulting...

... asymmetry tax refunds corporate investments misallocation A central issue in the design and implementation of tax systems is the treatment of losses vis-à-vis profits. In theory, treating losses and profits symmetrically, for example, via an immediate full loss offset, has the appealing...