Managerial overconfidence, diversification, and firm risk

被引：0

作者：

Jiang, Fuxiu ^{[1
]}

Zhang, Min ^{[2
]}

Liu, Zhibiao ^{[3
]}

机构：

[1] Renmin Univ China, Sch Business, Beijing 100872, Peoples R China

[2] Peking Univ China, Guanghua Management Sch, Beijing 100872, Peoples R China

[3] Nanjing Univ China, Econ Sch, Nanjing, Peoples R China

来源：

PROCEEDINGS OF THE 2008 INTERNATIONAL CONFERENCE ON E-RISK MANAGEMENT (ICERM 2008) | 2008年

关键词：

managerial overconfidence; firm risk; diversification;

D O I：

暂无

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Although prior literature argues that diversification leads to firm value discount, few studies examine the relation between diversification and firm risk. Using the data from Chinese stock markets during 2002-2005, we find that diversification significantly reduces firm risk. However, such a risk-reduction effect is weakened when managers are over-confident. Our findings lend a support to firm diversification even there exists diversification discount.

引用

页码：20 / +

页数：2

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