| 市场估值和过度自信对并购绩效的实证研究 |
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| 引用本文： | 张雪,胡燕京.市场估值和过度自信对并购绩效的实证研究[J].经济研究导刊,2013(1):81-82. |
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| 作者姓名： | 张雪 胡燕京 |
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| 作者单位： | 青岛大学经济学院 |
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| 摘 要： | 运用事件研究法,以2003—2011年中国的上市公司为样本,针对市场估值和管理者过度自信的相互作用对并购绩效的影响进行多元回归分析。结果发现：不同于过度自信管理者,理性管理者在高估和低估价值时期进行的并购活动都能带来正的超额收益。
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| 关 键 词： | 行为金融 市场估值 过度自信 并购绩效 |
An Empirical Study on Gains to Acquisitions Based on Market Valuation and Overconfidence |
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| ZHANG Xue,HU Yan-jing.An Empirical Study on Gains to Acquisitions Based on Market Valuation and Overconfidence[J].Economic Research Guide,2013(1):81-82. |
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| Authors: | ZHANG Xue HU Yan-jing |
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| Institution: | (School of Economics,Qingdao University,Qingdao 266071,China) |
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| Abstract: | Using the method of the event study,a multivariate analysis is done to discuss gains to acquisitions inflected by the interaction between market valuation and overconfidence with a sample of listed companies of China in the period 2003—2011.The evidence provides that rational managers acquire positive teturns in high and low valuation in contrast to overconfident managers. |
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| Keywords: | behavioral finance market valuation overconfidence gains to acquisitions |
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