臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：經理人過度自信與股票購回關係之研究
書刊名：中山管理評論
作者：王育偉／鄭揚耀 引用關係／尤涵星／吳慧珍
作者(外文)：Wang, Ya-wei／Cheng, Lee-young／You, Han-xing／Wu, Hui-chen
出版日期：2014
卷期：22:4
頁次：頁759-791
主題關鍵詞：股票購回；行為財務學；過度自信；融資限制；Stock repurchases；Behavioral finance；Overconfidence；Financial constraints
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(4) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:4
  • 共同引用共同引用:0
  • 點閱點閱:26
本研究從行為財務學來探討過度自信經理人對股票購回決策的影響。本文使用四個變數來做為經理人過度自信指標的判斷標準，包含經理人員工認股權價內百分比（OC1）、經理人淨增加持股比率（OC2）、經理人發佈樂觀消息扣除悲觀消息的次數（OC3）以及經理人過度投資比率（OC4）。實證結果發現經理人過度自信指標與股票購回頻率呈現顯著正相關，支持過度自信經理人因心理偏誤而頻繁的從事股票購回計畫，而且本研究也發現過度自信偏誤使得經理人高估公司真實價值，造成所執行的股票購回計畫，在結束後的股價表現相對低於理性的經理人，而且隨著購回時間後的時間改變，兩者累積異常報酬率差異越大。最後，本研究發現融資限制能降低經理人因為過度自信而頻繁從事股票購回的可能性。
This study explores the influence of CEO overconfidence on stock repurchase decision. Three criteria are employed to observe CEO overconfidence: late option exercise, net buying in their company stock, media news and overinvestment rate. The empirical finding of this study shows that the relation between overconfident CEO and the frequency of announcement of stock repurchase is significantly positive. More overconfident CEOs make more open-market stock repurchases and usually overvalue the company. Further, we find that the performance of stock repurchase program made by rational CEO is better than made by overconfident CEO and the difference of stock performance is getting larger after stock repurchases. We also find that the firm with financial constrains will reduce CEO overconfidence and thus reduce the frequency of stock repurchases.
期刊論文
1.Baker, H. K.、Nofsinger, J. R.(2002)。Psychological Biases of Investors。Financial Services Review，11(2)，97-116。  new window
2.Weinstein, N. D.、Klein, W. M.(1996)。Unrealistic optimism: Present and future。Journal of social and Clinical Psychology，15(1)，1-8。  new window
3.Bhagat, S.、Black, B. S.、Blair, M. M.(2004)。Relational investing and firm performance。Journal of Financial Research，27(1)，1-30。  new window
4.Harford, J.(1999)。Corporate Cash Reserve and Acquisitions。Journal of Finance，54(6)，1969-1997。  new window
5.McNally, W. J.(1999)。Open Market Stock Repurchase Signaling。Financial Management，57(1)，55-67。  new window
6.Titman, S.、Wei, K.、Xie, F.(2004)。Capital Investment and Stock Return。Journal of Financial and Quantitative，39(4)，677-700。  new window
7.Maquieira, C. P.、Megginson, W. L.、Nail, L.(1998)。Wealth creation versus wealth redistributions in pure stock-for-stock mergers。Journal of Financial Economics，48(1)，3-33。  new window
8.Ikenberry, David L.、Theo, Vermaelen、Lakonishok, J.(1995)。Market Underreaction to Open Market Share Repurchases。Journal of Financial Economics，39(2/3)，181-208。  new window
9.Brown, Rayna、Sarma, Neal(2007)。CEO overconfidence, CEO dominance and corporate acquisitions。Journal of Economics and Business，59(5)，358-379。  new window
10.Nohel, T.、Tarhan, V.(1988)。Share Repurchase and Firm Performance: New Evidence on the Agency Costs of Free Cash Flow。Journal of Finance Economics，49(2)，187-222。  new window
11.Pawlina, G.、Renneboog, L.(2005)。Is Investment-cash Flow Sensitivity Caused by Agency Costs or Asymmetric Information? Evidence from the UK。European Financial Management，11(4)，483-513。  new window
12.Jensen, Michael(2001)。Value Maximisation, Stakeholder Theory, and the Corporate Objective Function。European Financial Management，7(3)，297-317。  new window
13.Langer, Ellen Jane(1975)。The Illusion of Control。Journal of Personality and Social Psychology，32(2)，311-328。  new window
14.Lamont, Owen、Polk, Christopher、Saá-Requejo, Jesús(2001)。Financial Constraints and Stock Returns。The Review of Financial Studies，14(2)，529-554。  new window
15.Jagannathan, Murali、Stephens, Clifford P.、Weisbach, Michael S.(2000)。Financial Flexibility and the Choice between Dividends and Stock Repurchases。Journal of Financial Economics，57(3)，355-384。  new window
16.Stephens, Clifford P.、Weisbach, Michael S.(1998)。Actual share reacquisitions in open market repurchase programs。Journal of Finance，53(1)，313-333。  new window
17.Guay, W.、Harford, J.(2000)。The cash flow permanence and information content of dividend increases vs. repurchases。Journal of Financial Economics，57(3)，385-416。  new window
18.Jagannathan, Murali、Stephens, Clifford P.(2003)。Motives for multiple open-market repurchase programs。Financial Management，32(2)，71-91。  new window
19.Zhang, H.(2002)。Share Repurchases under the Commercial Law 212-2 in Japan: Market Reaction and Actual Implementation。Pacific-Basin Finance Journal，10(3)，287-305。  new window
20.Roll, Richard(1986)。The Hubris Hypothesis of Corporate Takeovers。Journal of Business，59(2 Part 1)，197-216。  new window
21.Malmendier, Ulrike、Tate, Geoffrey A.(2005)。CEO Overconfidence and Corporate Investment。The Journal of Finance，60(6)，2661-2700。  new window
22.Grullon, Gustavo、Michaely, Roni(2002)。Dividends, Share Repurchases, and the Substitution Hypothesis。Journal of Finance，57(4)，1649-1684。  new window
23.Dittmar, Amy K.(2000)。Why Do Firms Repurchase Stock?。The Journal of Business，73(3)，331-355。  new window
24.Lehn, Kenneth、Poulsen, Annette(1989)。Free Cash Flow and Stockholder Gains in Going Private Transactions。The Journal of Finance，44(3)，771-787。  new window
25.Hall, Brian J.、Murphy, Kevin J.(2002)。Stock options for undiversified executives。Journal of Accounting and Economics，33(1)，3-42。  new window
26.Kaplan, Steven N.、Zingales, Luigi(1997)。Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?。The Quarterly Journal of Economics，112(1)，169-215。  new window
27.Larwood, L.、Whittaker, W.(1977)。Managerial myopia: Self-serving biases in organizational planning。Journal of Applied Psychology，62(2)，194-198。  new window
28.Malmendier, Ulrike、Tate, Geoffrey A.(2008)。Who Makes Acquisitions? CEO Overconfidence and The Market's Reaction。Journal of Financial Economics，89(1)，20-43。  new window
29.Medury, Prasad V.、Bowyer, Linda E.、Srinivasan, Venkat(1992)。Stock Repurchases: A Multivariate Analysis of Repurchasing Firms。Quarterly Journal of Business and Economics，31(1)，21-44。  new window
研究報告
1.Doukas, J. A.、Petmezas, D.(2005)。Overconfident Managers and Self-Attribution bias。Old Dominion University。  new window
2.Gervais, S.、Heaton, J. B.、Odean, T.(2003)。Investment Policy and Executive Stock Options。Duke University。  new window
3.Hribar, P.、Yang, H.(2010)。Does CEO Overconfidence Affect Management Forecasting and Subsequent Earnings Management?。University of Iowa。  new window
4.Otchere, I.、Ross, M.(2000)。Share Buy Back Announcements Convey Firm Specific or Industry-Wide Information? A Test of the Undervaluation Hypothesis。University of Illinios at Urbana-Champaign。  new window
5.Maestro, M. H.、Pindado, J.、Miguel, A.(2003)。Financial Constraints: Models and Evidence from International Data。Social Science Research Network。  new window
圖書論文
1.Lichtenstein, Sarah、Fischhoff, Baruch、Phillips, Lawrence D.(1982)。Calibration of Probabilities: The State of the Art to 1980。Judgment Under Uncertainty: Heuristics and Biases。Cambridge University Press。  new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：597（臺灣：578，外國：19） ／ 本年度總使用人次：2178223 ／ 訪客人次（自102年09月）：67987306
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上