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Are educational managers credible or overconfident? Evidence from share repurchases in Taiwan

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  • Su, Xuan-Qi
  • Lin, Yung-Chieh
  • Chen, Chin-Ming
  • Lowe, Alpha

Abstract

This paper examines how managerial educational attainment influences the wealth effects of share repurchases by testing the credible hypothesis versus the overconfidence hypothesis. Based on a set of comprehensive data on top managers' education in Taiwanese listed firms, we find that managerial educational levels but not professional backgrounds in finance, accounting, and law management influence the wealth effects of share repurchases. The magnitude of positive market reactions to a repurchase announcement is smaller (larger) for firms with a higher (no) proportion of top managers with doctoral degrees. Such an inverse relation is especially obvious among firms that are poorly governed and financially constrained. We also detect that repurchasing firms with higher managerial educational levels exhibit poorer long-term post-repurchase stock performance and tend to actually buy back more stock. Our overall findings are supported by the overconfidence hypothesis, positing that highly educated top managers are more subject to overconfidence, which leads to perceived mispricing/overvaluing bias. Thereby, the favorable signal of undervaluation regarding their share repurchase may need to be rectified by the stock market.

Suggested Citation

  • Su, Xuan-Qi & Lin, Yung-Chieh & Chen, Chin-Ming & Lowe, Alpha, 2019. "Are educational managers credible or overconfident? Evidence from share repurchases in Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 56(C), pages 93-112.
    • Handle: RePEc:eee:pacfin:v:56:y:2019:i:c:p:93-112
    DOI: 10.1016/j.pacfin.2019.05.008
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    3. Nguyen, Thi Bao Ngoc & Lin, Li-Feng & Su, Xuan-Qi & Yu, Jui-Hung, 2021. "Does Managerial Education Matter for Credit Risk? Evidence from Taiwan," Finance Research Letters, Elsevier, vol. 41(C).

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    More about this item

    Keywords

    Share repurchase; Managerial education; Overconfidence; Credibility; Signaling theory;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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