What happens to CEOs after they turnover? Overconfidence, compensation and investment decision

What happens to CEOs after they turnover? We examine CEOs who can be hired as CEO by another firm after turnover. CEOs with moderately-optimism, who voluntary left from departing firm, younger, better prior performance and from big departing firm are more likely to be hired as CEO by another firm after turnover. Firms with higher growth opportunity and R&D expenditures are willing to hire overconfident CEOs. More optimistic CEOs can receive higher total compensation than less optimistic CEOs. Finally, Overconfident CEOs will increase firm investment while firm with high growth opportunity.