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. 其他題名： Financial Management 出版者： Tampa: Blackwell Publishing Ltd 出版日期： 2014-06-22 出處： Financial management, 2014-06, Vol.43 (2), p.245-269 資源來源： EBSCOhost Business Source Premier 版權： 2014 Financial Management Association International 版權： 2013 Financial Management Association International. 版權： COPYRIGHT 2014 Financial Management Association 版權： Copyright Blackwell Publishing Ltd. Summer 2014 識別號： ISSN: 0046-3892 識別號： EISSN: 1755-053X 識別號： DOI: 10.1111/fima.12035
