股票融资和盈利公布后的股票回报和盈利持续性:考虑管理者特征

IF 16.4 1区 化学 Q1 CHEMISTRY, MULTIDISCIPLINARY
Jing‐Chi Chen, Li‐Kai (Connie) Liao
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引用次数: 0

摘要

本研究在考虑管理能力和过度自信的情况下,研究了当公司在盈利公布后 1 个月内发行股票(EA 后股权融资)时,未来股票回报率和盈利持续性是否会下降。研究结果表明,当过度自信的管理者进行后 EA 股权融资时,买入并持有回报率在随后的一个月内会显著下降,并且在随后的一年内盈利持续性较低。然而,过度自信、高能力经理人的公司在 EA 后股权融资后的回报率并没有降低,而且在随后 3 年内的收益变异性较大。对于财务约束较高或财务灵活性较低、管理者过于自信的企业来说,EA 股权融资后当月收益的下降更为明显。总体而言,我们的研究结果凸显了在信息发布后进行股票发行的公司的管理特征。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Stock returns and earnings persistence following equity financing and earnings announcement: Considering managerial characteristics
This study examines whether future stock returns and earnings persistence decline when a firm has issued equity within 1 month of its earnings announcement (post‐EA equity financing), considering managerial ability and overconfidence. The results show that when overconfident managers engage in post‐EA equity financing, buy‐and‐hold returns significantly decrease in the subsequent month and earnings persistence is low within the subsequent year. However, firms with overconfident, high‐ability managers do not experience lower returns following post‐EA equity financing and have larger earnings variability within the subsequent 3 years. The decline in returns in the month during post‐EA equity financing is more pronounced for firms with high financial constraints or low financial flexibility with overconfident managers. Overall, our results highlight the managerial traits of firms that engage in equity issuance after information release.
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来源期刊
Accounts of Chemical Research
Accounts of Chemical Research 化学-化学综合
CiteScore
31.40
自引率
1.10%
发文量
312
审稿时长
2 months
期刊介绍: Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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