Malmendier & Tate CEO Overconfidence

Variables necessary to replicate Malmendier & Tate Over confidence measures:

Value of Options, year in which option was exercised, mean stock price in year of exercise, median stock price in year of exercise, high stock price in year of exercise,

• Malmendier & Tate use the 5th year after a person becomes CEO because across various packages it is the first year in which at least part of the option packages in the sample are exercisable.

• 67% In the money appears to mean that the market price has appreciated 67% from the five years since