Please use this identifier to cite or link to this item:
https://hdl.handle.net/20.500.14279/12960
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Andreou, Panayiotis | - |
dc.contributor.author | Cooper, Ilan | - |
dc.contributor.author | De Olalla Lopez, Ignacio Garcia | - |
dc.contributor.author | Louca, Christodoulos | - |
dc.date.accessioned | 2018-12-06T09:57:09Z | - |
dc.date.available | 2018-12-06T09:57:09Z | - |
dc.date.issued | 2018-12 | - |
dc.identifier.citation | Journal of Empirical Finance, 2018, vol. 49, pp. 142-156 | en_US |
dc.identifier.issn | 09275398 | - |
dc.description.abstract | 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. | en_US |
dc.format | en_US | |
dc.language.iso | en | en_US |
dc.relation.ispartof | Journal of Empirical Finance | en_US |
dc.rights | © Elsevier | en_US |
dc.subject | Share repurchase | en_US |
dc.subject | Buybacks | en_US |
dc.subject | Overconfidence | en_US |
dc.subject | Asymmetric information | en_US |
dc.subject | Abnormal returns | en_US |
dc.title | Managerial overconfidence and the buyback anomaly | en_US |
dc.type | Article | en_US |
dc.collaboration | Cyprus University of Technology | en_US |
dc.collaboration | Durham University Business School | en_US |
dc.collaboration | BI Norwegian Business School | en_US |
dc.subject.category | Economics and Business | en_US |
dc.journals | Subscription | en_US |
dc.country | Cyprus | en_US |
dc.country | United Kingdom | en_US |
dc.country | Norway | en_US |
dc.subject.field | Social Sciences | en_US |
dc.publication | Peer Reviewed | en_US |
dc.identifier.doi | 10.1016/j.jempfin.2018.09.005 | en_US |
dc.relation.volume | 49 | en_US |
cut.common.academicyear | 2018-2019 | en_US |
dc.identifier.spage | 142 | en_US |
dc.identifier.epage | 156 | en_US |
item.fulltext | No Fulltext | - |
item.cerifentitytype | Publications | - |
item.grantfulltext | none | - |
item.openairecristype | http://purl.org/coar/resource_type/c_6501 | - |
item.openairetype | article | - |
item.languageiso639-1 | en | - |
crisitem.journal.journalissn | 0927-5398 | - |
crisitem.journal.publisher | Elsevier | - |
crisitem.author.dept | Department of Finance, Accounting and Management Science | - |
crisitem.author.dept | Department of Finance, Accounting and Management Science | - |
crisitem.author.faculty | Faculty of Tourism Management, Hospitality and Entrepreneurship | - |
crisitem.author.faculty | Faculty of Tourism Management, Hospitality and Entrepreneurship | - |
crisitem.author.orcid | 0000-0001-5742-0311 | - |
crisitem.author.orcid | 0000-0003-3436-3734 | - |
crisitem.author.parentorg | Faculty of Management and Economics | - |
crisitem.author.parentorg | Faculty of Management and Economics | - |
Appears in Collections: | Άρθρα/Articles |
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