CEO Overconfidence and Long-Term Performance Following R&D Increases

題名	CEO Overconfidence and Long-Term Performance Following R&D Increases
作者	陳聖賢 Chen, Sheng-Syan Ho, Keng-Yu Ho, Po-Hsin
貢獻者	財管系
日期	2014
上傳時間	15-Jun-2018 12:18:08 (UTC+8)
摘要	We examine the relation between Chief Executive Officer (CEO) overconfidence and significant increases in research and development (R&D) expenditures. Although prior studies reveal a significantly positive market reaction to increases in R&D expenditures in both the long and short run, we find that long-run stock performance is positive only for firms whose CEOs are not overconfident. Our findings, which may be attributable to overinvestment and the overestimation of future cash flows, imply that R&D resulting from overconfident behavior does not provide any value to firms.
關聯	Financial Management, Vol.43, No.2, pp.245-269
資料類型	article
DOI	https://doi.org/10.1111/fima.12035

dc.contributor	財管系	zh_TW
dc.creator (作者)	陳聖賢	zh_TW
dc.creator (作者)	Chen, Sheng-Syan	en_US
dc.creator (作者)	Ho, Keng-Yu	en_US
dc.creator (作者)	Ho, Po-Hsin	en_US
dc.date (日期)	2014
dc.date.accessioned	15-Jun-2018 12:18:08 (UTC+8)	-
dc.date.available	15-Jun-2018 12:18:08 (UTC+8)	-
dc.date.issued (上傳時間)	15-Jun-2018 12:18:08 (UTC+8)	-
dc.identifier.uri (URI)	http://nccur.lib.nccu.edu.tw/handle/140.119/117784	-
dc.description.abstract (摘要)	We examine the relation between Chief Executive Officer (CEO) overconfidence and significant increases in research and development (R&D) expenditures. Although prior studies reveal a significantly positive market reaction to increases in R&D expenditures in both the long and short run, we find that long-run stock performance is positive only for firms whose CEOs are not overconfident. Our findings, which may be attributable to overinvestment and the overestimation of future cash flows, imply that R&D resulting from overconfident behavior does not provide any value to firms.	en_US
dc.format.extent	201281 bytes	-
dc.format.mimetype	application/pdf	-
dc.relation (關聯)	Financial Management, Vol.43, No.2, pp.245-269	zh_TW
dc.title (題名)	CEO Overconfidence and Long-Term Performance Following R&D Increases	en_US
dc.type (資料類型)	article
dc.identifier.doi (DOI)	10.1111/fima.12035
dc.doi.uri (DOI)	https://doi.org/10.1111/fima.12035