The Effect of CEO Confidence Level on the Investment Performance of Value and Growth Stocks
碩士 === 國立政治大學 === 財務管理研究所 === 103 === Empirical literatures show that value stocks outperform growth stocks consistently. Recent researches also document that only the moderately overconfident CEOs make optimal investment decisions and increase the firm value. Thus, in this paper, we argue that valu...
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ndltd-TW-103NCCU53050052017-03-26T04:24:04Z http://ndltd.ncl.edu.tw/handle/27589619373083884065 The Effect of CEO Confidence Level on the Investment Performance of Value and Growth Stocks 經理人自信程度對價值股與成長股投資績效的影響 Yu, Shih Ting 游詩婷 碩士 國立政治大學 財務管理研究所 103 Empirical literatures show that value stocks outperform growth stocks consistently. Recent researches also document that only the moderately overconfident CEOs make optimal investment decisions and increase the firm value. Thus, in this paper, we argue that value premium may not hold in some particular firm characteristic if value and growth firms are subdivided into firms managed with different CEO confidence level. Using a sample of U.S firms over 1997-2013 from ExecuComp, we find, in growth firms, only the firms managed by excessively overconfident CEOs results in poor performances. Besides, the value firms managed by excessively diffident CEOs earn the highest return; however, the growth firms earn a positive return when the CEOs are moderately overconfident. We show that firms should hire CEOs matched their specific characteristics to increase firm value. 周冠男 學位論文 ; thesis 32 en_US |
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碩士 === 國立政治大學 === 財務管理研究所 === 103 === Empirical literatures show that value stocks outperform growth stocks consistently. Recent researches also document that only the moderately overconfident CEOs make optimal investment decisions and increase the firm value. Thus, in this paper, we argue that value premium may not hold in some particular firm characteristic if value and growth firms are subdivided into firms managed with different CEO confidence level. Using a sample of U.S firms over 1997-2013 from ExecuComp, we find, in growth firms, only the firms managed by excessively overconfident CEOs results in poor performances. Besides, the value firms managed by excessively diffident CEOs earn the highest return; however, the growth firms earn a positive return when the CEOs are moderately overconfident. We show that firms should hire CEOs matched their specific characteristics to increase firm value.
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周冠男 |
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周冠男 Yu, Shih Ting 游詩婷 |
author |
Yu, Shih Ting 游詩婷 |
spellingShingle |
Yu, Shih Ting 游詩婷 The Effect of CEO Confidence Level on the Investment Performance of Value and Growth Stocks |
author_sort |
Yu, Shih Ting |
title |
The Effect of CEO Confidence Level on the Investment Performance of Value and Growth Stocks |
title_short |
The Effect of CEO Confidence Level on the Investment Performance of Value and Growth Stocks |
title_full |
The Effect of CEO Confidence Level on the Investment Performance of Value and Growth Stocks |
title_fullStr |
The Effect of CEO Confidence Level on the Investment Performance of Value and Growth Stocks |
title_full_unstemmed |
The Effect of CEO Confidence Level on the Investment Performance of Value and Growth Stocks |
title_sort |
effect of ceo confidence level on the investment performance of value and growth stocks |
url |
http://ndltd.ncl.edu.tw/handle/27589619373083884065 |
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