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

NCUIR > School of Management at National Central University > Department of Finance > journal & Dissertation > Item 987654321/104782

Please use this identifier to cite or link to this item: https://ir.lib.ncu.edu.tw/handle/987654321/104782

Title:	CEO Overconfidence and Long-Term Performance Following R&D Increases
Authors:	何柏欣;Chen, Sheng-Syan;Ho, Keng-Yu;Ho, Po-Hsin
Contributors:	管理學院財務金融學系
Keywords:	1980-1994;Book value;Business enterprises;Business management;Business structures;Cash flow;Chief executive officers;Chief executives;Confidence;Corporate governance;Executives (Business);Expenditures;Financial investments;Financial management;High technology industries;Industrial research;Investment analysis;Investment policy;Investment risk;Investments;Management;Market value;Organizational behavior;Organizational behaviour;Portfolio performance;R&D;Research & development;Research & development expenditures;Research and development;Stock options;Studies;United States
Date:	2014-01-01
Issue Date:	2026-04-23 11:57:59 (UTC+8)
Publisher:	Wiley-Blackwell;Tampa: Blackwell Publishing Ltd
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. 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
Appears in Collections:	[Department of Finance] journal & Dissertation

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