Shu, Pei-Gi; Yeh, Yin-Hua; Chiu, Shean-Bii; Wang, Li-Hui - In: Review of Pacific Basin Financial Markets and Policies … 16 (2013) 03, pp. 1350021-1
We create a novel measure of market-nurtured optimism in that managers become more optimistic if the market had responded more favorably, and to a larger extent to positive earnings surprises, than to negative earnings surprises. These market-nurtured managers are prone to engage in...