| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10813 |
| 来源ID | Working Paper 10813 |
| Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction | |
| Ulrike Malmendier; Geoffrey Tate | |
| 发表日期 | 2004-10-04 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Overconfident CEOs over-estimate their ability to generate returns. Thus, on the margin, they undertake mergers that destroy value. They also perceive outside finance to be over-priced. We classify CEOs as overconfident when, despite their under-diversification, they hold options on company stock until expiration. We find that these CEOs are more acquisitive on average, particularly via diversifying deals. The effects are largest in firms with abundant cash and untapped debt capacity. Using press coverage as "confident" or "optimistic" to measure overconfidence confirms these results. We also find that the market reacts significantly more negatively to takeover bids by overconfident managers. |
| 主题 | Financial Economics ; Corporate Finance ; Financial Markets ; Microeconomics ; Economics of Information |
| URL | https://www.nber.org/papers/w10813 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568446 |
| 推荐引用方式 GB/T 7714 | Ulrike Malmendier,Geoffrey Tate. Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10813.pdf（765KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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