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https://hdl.handle.net/20.500.14279/12960
Τίτλος: | Managerial overconfidence and the buyback anomaly | Συγγραφείς: | Andreou, Panayiotis Cooper, Ilan De Olalla Lopez, Ignacio Garcia Louca, Christodoulos |
Major Field of Science: | Social Sciences | Field Category: | Economics and Business | Λέξεις-κλειδιά: | Share repurchase;Buybacks;Overconfidence;Asymmetric information;Abnormal returns | Ημερομηνία Έκδοσης: | Δεκ-2018 | Πηγή: | Journal of Empirical Finance, 2018, vol. 49, pp. 142-156 | Volume: | 49 | Start page: | 142 | End page: | 156 | Περιοδικό: | Journal of Empirical Finance | Περίληψη: | While positive, long-run abnormal returns following share repurchase announcements are substantially lower when CEOs are overconfident. This effect is particularly strong for (i) difficult to value firms, such as small, young, non-dividend paying, distressed, and having negative earnings firms, (ii) firms with poor past stock return performance and high book-to-market ratio, indicators of possible overreaction to bad news, and (iii) financially constrained firms. Overall, these results are consistent with the mispricing hypothesis as a motive for repurchases and as an explanation for the buyback anomaly. Additionally, irrespective of the CEO’s level of confidence, abnormal returns are considerably larger for financially constrained firms, implying their managers require larger undervaluation due to the higher cost of capital. | ISSN: | 09275398 | DOI: | 10.1016/j.jempfin.2018.09.005 | Rights: | © Elsevier | Type: | Article | Affiliation: | Cyprus University of Technology Durham University Business School BI Norwegian Business School |
Εμφανίζεται στις συλλογές: | Άρθρα/Articles |
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