Effects of managerial overconfidence on analyst recommendations

Mei Chen Lin; Po Hsin Ho; Hsiang Lin Chih

doi:10.1007/s11156-018-0743-4

Effects of managerial overconfidence on analyst recommendations

Mei Chen Lin, Po Hsin Ho, Hsiang Lin Chih

財務金融學系

研究成果: 雜誌貢獻 › 期刊論文 › 同行評審

4 引文斯高帕斯（Scopus）

摘要

This study investigates the relation between managerial overconfidence and analyst recommendations. The empirical finding shows that analysts are less likely to issue upgrade recommendations for firms managed by overconfident CEOs. Similarly, analysts spend a longer time to upgrade stocks associated with overconfident CEOs. The effect of CEO overconfidence on recommendation revisions is non-monotonic. Analysts are more reluctant to upgrade firms with highly-overconfident CEOs. More experienced analysts are less susceptible to managerial overconfidence. Moreover, investors exhibit stronger response to recommendations for firms with overconfident CEOs.

原文	???core.languages.en_GB???
頁（從 - 到）	73-99
頁數	27
期刊	Review of Quantitative Finance and Accounting
卷	53
發行號	1
DOIs	https://doi.org/10.1007/s11156-018-0743-4
出版狀態	已出版 - 15 7月 2019

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10.1007/s11156-018-0743-4

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Effects of managerial overconfidence on analyst recommendations

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