The effect of overvaluation on investment and accruals: The role of information

Shing Yang Hu, Yueh Hsiang Lin, Christine W. Lai

研究成果: 雜誌貢獻文章

1 引文 斯高帕斯(Scopus)

摘要

This paper examines whether the effect of overvaluation on accrual and investment is weak in a good information environment using the naive manager hypothesis and the monitoring hypothesis. The results show that CEOs recognize overvaluation and reduce their shareholdings regardless of the extent of the information environment and the naive manager hypothesis is not supported. However, managers in a good information environment do not respond to overvaluation with accrual or investment, and more institutional investors help to reduce overvaluation-driven behaviors. Thus, the monitoring hypothesis is supported. These findings are free from causality concerns and robust for alternative measures of misvaluation.

原文英語
頁(從 - 到)181-201
頁數21
期刊Journal of Empirical Finance
38
DOIs
出版狀態已發佈 - 2016 九月 1

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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