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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/117784
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/117784

    Title: CEO Overconfidence and Long-Term Performance Following R&D Increases
    Authors: 陳聖賢
    Chen, Sheng-Syan
    Ho, Keng-Yu
    Ho, Po-Hsin
    Contributors: 財管系
    Date: 2014
    Issue Date: 2018-06-15 12:18:08 (UTC+8)
    Abstract: 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.
    Relation: Financial Management, Vol.43, No.2, pp.245-269
    Data Type: article
    DOI 連結: https://doi.org/10.1111/fima.12035
    DOI: 10.1111/fima.12035
    Appears in Collections:[財務管理學系] 期刊論文

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