Add to ORKGRecent academic studies indicate that acquirers' cumulative abnormal returns (CAR) decline from deal to deal in acquisition programs. Does this pattern suggest hubristic CEO behaviors are significant enough to influence average CAR patterns during acquisition programs? An alternative explanation is CEO learning. This study therefore tests for learning using successive acquisitions of large U.S. public targets undertaken by U.S. acquirers. A dynamic framework reveals that both rational and hubristic CEOs take on average investor reactions to their previous deals into account and adjust their bidding behavior accordingly. These results are consistent with a learning hypothesis
This thesis examines three important issues in the financial literature strand of M&As. The first an...
Target acquisitiveness stands out as one of the primary drivers of all the key aspects of the market...
We shed new light on two questions. The first question is why some target CEOs are hired by the acqu...
Recent academic studies indicate that acquirers' cumulative abnormal returns (CAR) decline from deal...
Recent empirical papers report a declining trend in the cumulative abnormal return (CAR) of acquirer...
Recent empirical research has shown that, from deal to deal, serial acquirers' cumulative abnormal r...
Do frequent acquirers learn from their experience in serial mergers? A recent stream of literature h...
Recent empirical research has shown that, from deal to deal, serial acquirers' cumulative abnormal r...
Are CEOs unable to learn? This surprising question deserves to be raised in the light of the declini...
This study uses the positivist agency theory to examine if serial acquirers with consistently negati...
This paper examines the implications of market anticipation of impending merger and acquisition (M&A...
PURPOSE OF THIS STUDY This study examines how the intensity of product market competition and the nu...
Scholars have consistently identified CEO hubris as a significant factor in acquisitions because the...
Targets of merger deals experience signficant value increases in the days leading up to the announce...
Several studies in the finance literature (and other fields) focus on how compensation contracts of ...
This thesis examines three important issues in the financial literature strand of M&As. The first an...
Target acquisitiveness stands out as one of the primary drivers of all the key aspects of the market...
We shed new light on two questions. The first question is why some target CEOs are hired by the acqu...
Recent academic studies indicate that acquirers' cumulative abnormal returns (CAR) decline from deal...
Recent empirical papers report a declining trend in the cumulative abnormal return (CAR) of acquirer...
Recent empirical research has shown that, from deal to deal, serial acquirers' cumulative abnormal r...
Do frequent acquirers learn from their experience in serial mergers? A recent stream of literature h...
Recent empirical research has shown that, from deal to deal, serial acquirers' cumulative abnormal r...
Are CEOs unable to learn? This surprising question deserves to be raised in the light of the declini...
This study uses the positivist agency theory to examine if serial acquirers with consistently negati...
This paper examines the implications of market anticipation of impending merger and acquisition (M&A...
PURPOSE OF THIS STUDY This study examines how the intensity of product market competition and the nu...
Scholars have consistently identified CEO hubris as a significant factor in acquisitions because the...
Targets of merger deals experience signficant value increases in the days leading up to the announce...
Several studies in the finance literature (and other fields) focus on how compensation contracts of ...
This thesis examines three important issues in the financial literature strand of M&As. The first an...
Target acquisitiveness stands out as one of the primary drivers of all the key aspects of the market...
We shed new light on two questions. The first question is why some target CEOs are hired by the acqu...