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Acquisitions, Overconfident Managers and Self‐attribution Bias

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Cited by:

  1. Lucas, Ryley & Gunasekarage, Abeyratna & Shams, Syed & Edirisuriya, Piyadasa, 2021. "Female directors and acquisitions: Australian evidence," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
  2. Baldi, Francesco & Salvi, Antonio, 2022. "Disentangling acquisition premia: Evidence from the global market for corporate control," Finance Research Letters, Elsevier, vol. 48(C).
  3. Croci, Ettore & Petmezas, Dimitris & Vagenas-Nanos, Evangelos, 2010. "Managerial overconfidence in high and low valuation markets and gains to acquisitions," International Review of Financial Analysis, Elsevier, vol. 19(5), pages 368-378, December.
  4. Bukalska Elżbieta, 2019. "Testing trade-off theory and pecking order theory under managerial overconfidence," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 55(2), pages 99-117, June.
  5. Navío-Marco, Julio & Serrano Calle, Silvia & Solórzano-García, Marta, 2017. "Analysis of glamorous acquisitions in the telecommunications sector: Overvaluation or success?," 28th European Regional ITS Conference, Passau 2017 169487, International Telecommunications Society (ITS).
  6. Di, Li & Shaiban, Mohammed Sharaf & Hasanov, Akram Shavkatovich, 2021. "The power of investor sentiment in explaining bank stock performance: Listed conventional vs. Islamic banks," Pacific-Basin Finance Journal, Elsevier, vol. 66(C).
  7. Mike Dempsey, 2014. "The Modigliani and Miller Propositions: The History of a Failed Foundation for Corporate Finance?," Abacus, Accounting Foundation, University of Sydney, vol. 50(3), pages 279-295, September.
  8. Gul, Ferdinand A. & Khedmati, Mehdi & Shams, Syed M.M., 2020. "Managerial acquisitiveness and corporate tax avoidance," Pacific-Basin Finance Journal, Elsevier, vol. 64(C).
  9. Oliver Gloede & Lukas Menkhoff, 2014. "Financial Professionals' Overconfidence: Is It Experience, Function, or Attitude?," European Financial Management, European Financial Management Association, vol. 20(2), pages 236-269, March.
  10. Jie (Michael) Guo & Dimitris Petmezas, 2012. "What are the Causes and Effects of M&As? The UK Evidence," Multinational Finance Journal, Multinational Finance Journal, vol. 16(1-2), pages 21-47, March - J.
  11. Kebin Deng & Zhong Ding & Yalu Wang, 2020. "Peasant youth experiences of CEOs, risk aversion and corporate performance," Rationality and Society, , vol. 32(3), pages 278-312, August.
  12. Avanidhar Subrahmanyam, 2008. "Behavioural Finance: A Review and Synthesis," European Financial Management, European Financial Management Association, vol. 14(1), pages 12-29, January.
  13. Sergey Tsyplakov, 2019. "Can Post-Merger Integration Costs and Synergy Delays Explain Leverage Dynamics of Mergers?," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 9(04), pages 1-36, December.
  14. Elgebeily, Eman & Guermat, Cherif & Vendrame, Vasco, 2021. "Managerial optimism and investment decision in the UK," Journal of Behavioral and Experimental Finance, Elsevier, vol. 31(C).
  15. Czaja, Daniel & Röder, Florian, 2020. "Self-attribution bias and overconfidence among nonprofessional traders," The Quarterly Review of Economics and Finance, Elsevier, vol. 78(C), pages 186-198.
  16. Dimitrios Maditinos & Alexandra Tsinani & Željko Šević & Jelena Stankevičienė, 2019. "Financially Constrained Firms: The Impact Of Managerial Optimism And Corporate Investment - The Case Of Greece," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 12(1), pages 39-49, April.
  17. Zribi, Wissal & Boufateh, Talel, 2020. "Asymmetric CEO confidence and CSR: A nonlinear panel ARDL-PMG approach," The Journal of Economic Asymmetries, Elsevier, vol. 22(C).
  18. Renneboog, Luc & Vansteenkiste, Cara, 2019. "Failure and success in mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 650-699.
  19. Ilaria Galavotti, 2019. "Firm-level recent profitability and acquisition performance: exploring competing theoretical perspectives," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 9(3), pages 319-345, September.
  20. Elisabeth Gsottbauer & Jeroen den Bergh, 2013. "Bounded rationality and social interaction in negotiating a climate agreement," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 13(3), pages 225-249, September.
  21. Al Rahahleh, Naseem & Wei, Peihwang Philip, 2012. "The performance of frequent acquirers: Evidence from emerging markets," Global Finance Journal, Elsevier, vol. 23(1), pages 16-33.
  22. Michael Dempsey, 2015. "Stock Markets, Investments and Corporate Behavior:A Conceptual Framework of Understanding," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number p1007.
  23. Liu Ping & Hosain Md Sajjad & Li Liyan, 2019. "Does the compensation gap between executives and staffs influence future firm performance? The moderating roles of managerial power and overconfidence," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 55(4), pages 287-318, December.
  24. Kim, Y. Han (Andy), 2013. "Self attribution bias of the CEO: Evidence from CEO interviews on CNBC," Journal of Banking & Finance, Elsevier, vol. 37(7), pages 2472-2489.
  25. Nguyen, Giang & Nguyen, Hai, 2019. "Does seller status matter in inter-corporate asset sales?," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 97-110.
  26. Helen X. H. Bao & Steven Haotong Li, 2016. "Overconfidence And Real Estate Research: A Survey Of The Literature," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 61(04), pages 1-24, September.
  27. Breuer, Wolfgang & Ghufran, Bushra & Salzmann, Astrid Juliane, 2020. "Investors' time preferences and takeover performance," International Review of Financial Analysis, Elsevier, vol. 67(C).
  28. Otto, Clemens A., 2014. "CEO optimism and incentive compensation," Journal of Financial Economics, Elsevier, vol. 114(2), pages 366-404.
  29. Jie Michael Guo & Qian He & Jiayuan Xin & Jia Liu, 2020. "Managerial overconfidence and M%A performance: evidence from China," International Journal of Banking, Accounting and Finance, Inderscience Enterprises Ltd, vol. 11(3), pages 342-360.
  30. Huiqi Gan, 2019. "Does CEO managerial ability matter? Evidence from corporate investment efficiency," Review of Quantitative Finance and Accounting, Springer, vol. 52(4), pages 1085-1118, May.
  31. Tien-Shih Hsieh & Jean C. Bedard & Karla M. Johnstone, 2014. "CEO Overconfidence and Earnings Management During Shifting Regulatory Regimes," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(9-10), pages 1243-1268, November.
  32. Seoungpil Ahn & Jaiho Chung, 2015. "Cash holdings, corporate governance, and acquirer returns," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 1(1), pages 1-31, December.
  33. Itzhak Ben-David & John R. Graham & Campbell R. Harvey, 2007. "Managerial Overconfidence and Corporate Policies," NBER Working Papers 13711, National Bureau of Economic Research, Inc.
  34. Alexandridis, George & Antoniou, Antonios & Zhao, Huainan, 2008. "Belief asymmetry and gains from acquisitions," Journal of Multinational Financial Management, Elsevier, vol. 18(5), pages 443-460, December.
  35. Katrien Craninckx & Nancy Huyghebaert, 2011. "Can Stock Markets Predict M&A Failure? A Study of European Transactions in the Fifth Takeover Wave," European Financial Management, European Financial Management Association, vol. 17(1), pages 9-45, January.
  36. Sebastian Ernst & Christian Koziol & Denis Schweizer, 2013. "Are Private Equity Investors Boon or Bane for an Economy?–A Theoretical Analysis," European Financial Management, European Financial Management Association, vol. 19(1), pages 180-207, January.
  37. Schriber, Svante & Degischer, Daniel, 2020. "Disentangling acquisition experience: A multilevel analysis and future research agenda," Scandinavian Journal of Management, Elsevier, vol. 36(2).
  38. Leung, Henry & Tse, Jeffrey & Westerholm, P. Joakim, 2019. "CEO traders and corporate acquisitions," Journal of Corporate Finance, Elsevier, vol. 54(C), pages 107-127.
  39. Croci, Ettore & Petmezas, Dimitris, 2015. "Do risk-taking incentives induce CEOs to invest? Evidence from acquisitions," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 1-23.
  40. EL Gaied Moez & Zgarni Amina, 2018. "Overinvestment of Free Cash Flow and Manager’s Overconfidence," International Business Research, Canadian Center of Science and Education, vol. 11(3), pages 48-57, March.
  41. Liang, Chao & Liu, Bai & Weng, Yin-Che, 2021. "“One person’s decision” or “collective voting”: Evidence of overconfident investing in Chinese listed companies," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
  42. Hossain, Md Mosharraf & Heaney, Richard & Yu, Jing, 2020. "The information content of director trading: Evidence from acquisition announcements in Australia," Global Finance Journal, Elsevier, vol. 44(C).
  43. Marina Fiedler, 2011. "Symposium: Experience and Confidence in an Internet-Based Asset Market Experiment," Southern Economic Journal, Southern Economic Association, vol. 78(1), pages 30-52, July.
  44. Ali Ataullah & Andrew Vivian & Bin Xu, 2018. "Optimistic Disclosure Tone and Conservative Debt Policy," Abacus, Accounting Foundation, University of Sydney, vol. 54(4), pages 445-484, December.
  45. Jingoo Kang, 2016. "Labor market evaluation versus legacy conservation: What factors determine retiring CEOs' decisions about long-term investment?," Strategic Management Journal, Wiley Blackwell, vol. 37(2), pages 389-405, February.
  46. Tsung-ming Yeh & Yue Ling, 2022. "Confidence in Financial Literacy, Stock Market Participation, and Retirement Planning," Journal of Family and Economic Issues, Springer, vol. 43(1), pages 169-186, March.
  47. Dutta, Shantanu & MacAulay, Kenneth & Saadi, Samir, 2011. "CEO power, M&A decisions, and market reactions," Journal of Multinational Financial Management, Elsevier, vol. 21(5), pages 257-278.
  48. Yan, Shan, 2015. "Managerial attitudes and takeover outcomes: Evidence from corporate filings," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 35(C), pages 30-44.
  49. Marina Fiedler, 2011. "Experience and Confidence in an Internet‐Based Asset Market Experiment," Southern Economic Journal, John Wiley & Sons, vol. 78(1), pages 30-52, July.
  50. Wolfgang Breuer & Bushra Ghufran & Astrid Juliane Salzmann, 2020. "Investors' time preferences and takeover performance," Post-Print hal-02508909, HAL.
  51. Ismail, Ahmad & Mavis, Christos P., 2022. "A new method for measuring CEO overconfidence: Evidence from acquisitions," International Review of Financial Analysis, Elsevier, vol. 79(C).
  52. Lucrezia Fattobene & Marco Caiffa, 2016. "Sitting on the Board or Sitting on the Throne? Evidence of Boards' Overconfidence from the Italian Market," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 45(2), pages 235-269, July.
  53. Guidi, Marco & Sogiakas, Vasilios & Vagenas-Nanos, Evangelos & Verwijmeren, Patrick, 2020. "Spreading the sin: An empirical assessment from corporate takeovers," International Review of Financial Analysis, Elsevier, vol. 71(C).
  54. Delu Wang & Yadong Wang & Jingyuan Yang & Ziyang Huang & Rong Cui, 2021. "Managerial Cognitive Bias, Business Transformation, and Firm Performance: Evidence From China," SAGE Open, , vol. 11(1), pages 21582440219, March.
  55. Hwang, Hyoseok (David) & Kim, Hyun-Dong & Kim, Taeyeon, 2020. "The blind power: Power-led CEO overconfidence and M&A decision making," The North American Journal of Economics and Finance, Elsevier, vol. 52(C).
  56. Hsu, Yenshan & Shiu, Cheng-Yi, 2010. "The overconfidence of investors in the primary market," Pacific-Basin Finance Journal, Elsevier, vol. 18(2), pages 217-239, April.
  57. Fabian Homberg & Katja Rost & Margit Osterloh, 2009. "Do synergies exist in related acquisitions? A meta-analysis of acquisition studies," Review of Managerial Science, Springer, vol. 3(2), pages 75-116, July.
  58. Suchanek, Max, 2021. "The dark triad and investment behavior," Journal of Behavioral and Experimental Finance, Elsevier, vol. 29(C).
  59. He, Ying & Chen, Cindy & Hu, Yue, 2019. "Managerial overconfidence, internal financing, and investment efficiency: Evidence from China," Research in International Business and Finance, Elsevier, vol. 47(C), pages 501-510.
  60. Popli, Manish & Ahsan, Faisal M. & Mukherjee, Debmalya, 2022. "Upper echelons and firm internationalization: A critical review and future directions," Journal of Business Research, Elsevier, vol. 152(C), pages 505-521.
  61. Hossain, Md Mosharraf & Pham, Man Duy (Marty) & Islam, Nahid, 2021. "The performance and motivation of serial acquisitions: Evidence from Australia," International Review of Financial Analysis, Elsevier, vol. 77(C).
  62. Ahmed Ibrahim Mokhtar, 2016. "An Empirical Examination of the Behavioral CAPM," Journal of Finance and Investment Analysis, SCIENPRESS Ltd, vol. 5(3), pages 1-2.
  63. Adnan Safi & Xianrong Yi & Salman Wahab & Yingying Chen & Hassan Hassan, 2021. "CEO overconfidence, firm-specific factors, and systemic risk: evidence from China," Risk Management, Palgrave Macmillan, vol. 23(1), pages 30-47, June.
  64. Andrey Golubov & Dimitris Petmezas & Nickolaos G. Travlos, 2013. "Empirical mergers and acquisitions research: a review of methods, evidence and managerial implications," Chapters, in: Adrian R. Bell & Chris Brooks & Marcel Prokopczuk (ed.), Handbook of Research Methods and Applications in Empirical Finance, chapter 12, pages 287-313, Edward Elgar Publishing.
  65. Eachempati, Prajwal & Srivastava, Praveen Ranjan & Kumar, Ajay & Tan, Kim Hua & Gupta, Shivam, 2021. "Validating the impact of accounting disclosures on stock market: A deep neural network approach," Technological Forecasting and Social Change, Elsevier, vol. 170(C).
  66. Petmezas, Dimitris, 2009. "What drives acquisitions?: Market valuations and bidder performance," Journal of Multinational Financial Management, Elsevier, vol. 19(1), pages 54-74, February.
  67. Terence Tse, 2011. "Shareholder and stakeholder theory: after the financial crisis," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 3(1), pages 51-63, April.
  68. Yim, Soojin, 2013. "The acquisitiveness of youth: CEO age and acquisition behavior," Journal of Financial Economics, Elsevier, vol. 108(1), pages 250-273.
  69. Tzu-Yu Liu & Li-Lun Liu & John Francis Diaz, 2016. "Effect of Managerial Overconfidence and Compensation on Share Repurchase: Empirical Evidence from Taiwanese Firms," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 12(1), pages 153-179.
  70. Marina Fiedler, 2011. "Symposium: Experience and Confidence in an Internet-Based Asset Market Experiment," Southern Economic Journal, John Wiley & Sons, vol. 78(1), pages 30-52, July.
  71. Lu Zhang & Shenggang Ren & Xiaohong Chen & Dayuan Li & Duanjinyu Yin, 2020. "CEO Hubris and Firm Pollution: State and Market Contingencies in a Transitional Economy," Journal of Business Ethics, Springer, vol. 161(2), pages 459-478, January.
  72. Xu, Weidong & Gao, Xin & Li, Donghui & Zhuang, Mingming & Yang, Shijie, 2022. "Serial acquirers and stock price crash risk: International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 78(C).
  73. Shinichi Kamiya & Y. Han (Andy) Kim & Soohyun Park, 2019. "The face of risk: CEO facial masculinity and firm risk," European Financial Management, European Financial Management Association, vol. 25(2), pages 239-270, March.
  74. Hsu, Yuan-Lin, 2022. "Financial advice seeking and behavioral bias," Finance Research Letters, Elsevier, vol. 46(PB).
  75. Richard A. Hunt & David M. Townsend & Elham Asgari & Daniel A. Lerner, 2019. "Bringing It All Back Home: Corporate Venturing and Renewal Through Spin-ins," Entrepreneurship Theory and Practice, , vol. 43(6), pages 1166-1193, November.
  76. Virginia Bodolica & Martin Spraggon, 2011. "Behavioral Governance and Self-Conscious Emotions: Unveiling Governance Implications of Authentic and Hubristic Pride," Journal of Business Ethics, Springer, vol. 100(3), pages 535-550, May.
  77. Tutun Mukherjee & Som Sankar Sen, 2022. "Impact of CEO attributes on corporate reputation, financial performance, and corporate sustainable growth: evidence from India," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-50, December.
  78. Rika Dwi Ayu Parmitasari & Alim Syariati & Sumarlin, 2022. "Chain Reaction of Behavioral Bias and Risky Investment Decision in Indonesian Nascent Investors," Risks, MDPI, vol. 10(8), pages 1-15, July.
  79. Choi, Paul Moon Sub & Chung, Chune Young & Liu, Chang, 2018. "Self-attribution of overconfident CEOs and asymmetric investment-cash flow sensitivity," The North American Journal of Economics and Finance, Elsevier, vol. 46(C), pages 1-14.
  80. Jiao, Yang & Rao, Xi & Guo, Shijun & Alhaj-Yaseen, Yaseen S., 2018. "Speak out your risk: Dialectal effects on merger decisions," Pacific-Basin Finance Journal, Elsevier, vol. 49(C), pages 200-212.
  81. Guo, Jie (Michael) & Li, Yichen & Wang, Changyun & Xing, Xiaofei, 2020. "The role of investment bankers in M&As: New evidence on Acquirers’ financial conditions," Journal of Banking & Finance, Elsevier, vol. 119(C).
  82. Dowling, Michael & Aribi, Zakaria Ali, 2013. "Female directors and UK company acquisitiveness," International Review of Financial Analysis, Elsevier, vol. 29(C), pages 79-86.
  83. Ya You & Shuba Srinivasan & Koen Pauwels & Amit Joshi, 2020. "How CEO/CMO characteristics affect innovation and stock returns: findings and future directions," Journal of the Academy of Marketing Science, Springer, vol. 48(6), pages 1229-1253, November.
  84. Lai, Yi-Hsun & Tai, Vivian W., 2019. "Managerial overconfidence and directors' and officers' liability insurance," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
  85. Shinsuke Kamoto, 2014. "Impacts of Internal Financing on Investment Decisions by Optimistic and Overconfident Managers," European Financial Management, European Financial Management Association, vol. 20(1), pages 107-125, January.
  86. Gurdgiev, Constantin & Ni, Qiuxin, 2023. "Board diversity: Moderating effects of CEO overconfidence on firm financing decisions," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
  87. Fábio Chaves Nobre & Maria José de Camargo Machado & Liana Holanda Nepomuceno Nobre, 2022. "Behavioral Biases and the Decision-Making in Entrepreneurs and Managers," RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração, vol. 26(sup2022), pages 200369-2003.
  88. Chan, Alex W.H. & Cheung, Hoi Yan, 2016. "Extraversion, individualism and M&A activities," International Business Review, Elsevier, vol. 25(1), pages 356-369.
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