کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
972639 1479781 2015 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The effect of managerial overconfidence on the market timing ability and post-buyback performance of open market repurchases
ترجمه فارسی عنوان
تأثیر بیش از حد اعتماد مدیران بر توانایی زمان بندی بازار و پس از بازپرداخت بازاریابی
کلمات کلیدی
حاکمیت شرکتی، بیش از حد اعتماد مدیران، زمان بندی بازار، بازار باز بازاریابی، عملکرد پس از خرید
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی


• Share repurchase is discretionary and flexible and managers own the discretions.
• Managerial overconfidence hurts the timing and post-buyback performance of OMRs.
• The post-buyback return is lower particularly when the repurchase cost is higher.
• Corporate governance mitigates the adverse effect of overconfidence on OMRs.

This paper investigates whether managerial overconfidence has an adverse impact on the market timing ability and post-buyback performance of open market repurchases, and whether corporate governance can mitigate the adverse impact in Taiwan. We find that managerial overconfidence raises the repurchase cost implying an adverse impact on the market timing ability of share repurchases. The repurchasing firms with overconfident managers experience poorer short-run announcement return and long-run stock performance than those without overconfident managers because of the poorer market timing ability and the higher repurchase cost. However, corporate governance mitigates the adverse impacts of managerial overconfidence on the market timing ability and post-buyback performance of repurchases.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The North American Journal of Economics and Finance - Volume 33, July 2015, Pages 234–251
نویسندگان
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