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significant improvement in operating performance relative to nonadopters. <i>This paper was accepted by Brad Barber, finance.</i> …
Persistent link: https://www.econbiz.de/10010990534
This paper shows that an important link between investor sentiment and firm overvaluation is optimistic earnings expectations, and that management earnings guidance helps resolve sentiment-driven overvaluation. Using previously identified firm characteristics, we find that most of the negative...
Persistent link: https://www.econbiz.de/10010990622