کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5092812 | 1376081 | 2016 | 22 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
CEO confidence and stock returns
ترجمه فارسی عنوان
اعتماد مدیر عامل و بازده سهام
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار، مدیریت و حسابداری (عمومی)
چکیده انگلیسی
Consistent with the theoretical predictions of Goel and Thakor (2008), we find that overconfident CEOs create significant value for the firm through superior stock return performance and take more risk, compared to their non-overconfident counterparts. We also differentiate between innovative and non-innovative industries and find for each subsample that overconfident CEOs create firm value. We find these results even when we control for founder CEOs as they add value and make similar corporate policy decisions as overconfident CEOs. Finally, consistent with the predictions of Goel and Thakor (2008), we find that overconfident CEOs are hired less frequently, take less risk, and add less value after the enactment of the Sarbanes-Oxley Act in 2002, which put in place strict penalties for poor quality information disclosures by corporations. This finding has significant implications for empirical study as this paper provides evidence of the important impact the Sarbanes-Oxley Act has on the relation between CEO overconfidence and firm policies.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Contemporary Accounting & Economics - Volume 12, Issue 1, April 2016, Pages 89-110
Journal: Journal of Contemporary Accounting & Economics - Volume 12, Issue 1, April 2016, Pages 89-110
نویسندگان
Rakesh Bharati, Thomas Doellman, Xudong Fu,