標題: Managerial Overconfidence and Share Repurchases
作者: Shu, Pei-Gi
Yeh, Yin-Hua
Chiang, Tsui-Lin
Hung, Jui-Yi
資訊管理與財務金融系 註:原資管所+財金所
Department of Information Management and Finance
公開日期: 1-三月-2013
摘要: Following prior studies, we use keywords in press portrayals to gauge managerial overconfidence. We hypothesize that managerial overconfidence is related to a manager's perception that the firm is undervalued. Results from 2744 share repurchase programs launched by 783 listed firms in Taiwan confirm this hypothesis. We find that managerial overconfidence is positively correlated with the intensity of share repurchasing, which is measured by scale, execution, frequency, and the difference between the announced price and post-execution price. Moreover, the programs launched by overconfident managers were not undervalued and therefore were associated with reduced post-announcement returns.
URI: http://dx.doi.org/10.1111/j.1468-2443.2012.01162.x
http://hdl.handle.net/11536/23505
ISSN: 1369-412X
DOI: 10.1111/j.1468-2443.2012.01162.x
期刊: INTERNATIONAL REVIEW OF FINANCE
Volume: 13
Issue: 1
起始頁: 39
結束頁: 65
顯示於類別:期刊論文


文件中的檔案:

  1. 000329442100002.pdf