Managerial Overconfidence and Share Repurchases

被引：23

作者：

Shu, Pei-Gi ^{[1
]}

Yeh, Yin-Hua ^{[2
]}

Chiang, Tsui-Lin ^{[3
]}

Hung, Jui-Yi ^{[1
]}

机构：

[1] Fu Jen Catholic Univ, Dept Business Adm, New Taipei City 24205, Taiwan

[2] Natl Chiao Tung Univ, Grad Inst Finance, Hsinchu, Taiwan

[3] Fu Jen Catholic Univ, Grad Inst Business Adm, New Taipei City 24205, Taiwan

来源：

INTERNATIONAL REVIEW OF FINANCE | 2013年 / 13卷 / 01期

关键词：

COMMON-STOCK REPURCHASES; SELF-SERVING BIASES; CEO OVERCONFIDENCE; CAPITAL STRUCTURE; TENDER OFFERS; ATTRIBUTION; EARNINGS; OPTIMISM;

D O I：

10.1111/j.1468-2443.2012.01162.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

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.

引用

页码：39 / 65

页数：27

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