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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117781

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117781

Title:	The Over-optimism of Financial Analysts and the Long-Run Performance of Firms Following Private Placements of Equity
Authors:	Lin, Wen-Chun Chang, Shao-Chi 陳聖賢 Chen, Sheng-Syan Liao, Tsai-Ling
Contributors:	財管系
Keywords:	Private equity placements;Financial analysts forecast;Over-optimism;Long-run performance
Date:	2013
Issue Date:	2018-06-15 12:10:55 (UTC+8)
Abstract:	We set out to determine whether the over-optimism of analysts has negative impacts on the subsequent long-run performance of firms following private placements of equity (PIPEs). Our results indicate that analysts do tend to make over-optimistic forecasts at the time of PIPEs, and that such over-optimistic forecasts can lead to investors erroneously overstating the value of placement firms, resulting in subsequent revisions of their valuations over time. We further infer that when firms announce their PIPEs, over-optimistic forecasts tend to lead to overstated valuations. The evidence shows that the long-run performance of PIPEs has a negative correlation with over-optimistic forecasts.
Relation:	Finance Research Letters, Vol.10, No.2, pp.82-92
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.frl.2012.12.001
DOI:	10.1016/j.frl.2012.12.001
Appears in Collections:	[財務管理學系] 期刊論文

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