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| Author: | Doukas, J. A. Petmezas, D. |
| Title: | Acquisitions, overconfident managers and self-attribution bias |
| Journal: | European Financial Management
2007 : JUN, VOL. 13:3, p. 531-577 |
| Index terms: | corporate governance managers mergers return on investment |
| Language: | eng |
| Abstract: | This article examines whether acquisitions by overconfident managers generate superior abnormal returns and whether managerial overconfidence stems from self-attribution. Self-attribution bias suggests that overconfidence plays a greater role in higher order acquisition deals predicting lower wealth effect for higher order acquisition deals. Two alternative measures of overconfidence are used: 1) high order acquisition deals and 2) insider dealings, and evidence is found supporting the view that average stock returns are related to managerial overconfidence. |
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