Question for discussion Andreou, Doukas, Koursaros \& Louca (2019) presents a theoretical model that proposes CEO overconfidence as a unified and consistent diversification why firms that have pursued value-destructive corporate policies aiming to restore value. The model's predictions find strong support in the data. The CEO overconfidence, as discussed in the above paper, points to a managerial trait that is consistent with a managerial "irrational behaviour" explanation for the phenomenon under scrutiny. What other, managerial trait/s could explain the value-destructive corporate diversification phenomenon? Source: Andreou, P. C., Doukas, J. A., Koursaros, D., \& Louca, C. (2019). Valuation effects of overconfident CEOs corporate diversification and refocusing decisions. Journal of Banking \& Finance, 100, 182-204