CEO Overconfidence and Long‐Term Performance Following R&D Increases
研究了CEO过度自信是否影响企业大幅增加研发支出后的长期股票表现，发现只有非过度自信CEO所在公司的长期绩效为正。
We examine the relation between Chief Executive Officer (CEO) overconfidence and significant increases in research and development (R&D) expenditures. Although prior studies reveal a significantly positive market reaction to increases in R&D expenditures in both the long and short run, we find that long‐run stock performance is positive only for firms whose CEOs are not overconfident. Our findings, which may be attributable to overinvestment and the overestimation of future cash flows, imply that R&D resulting from overconfident behavior does not provide any value to firms.