期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2007
卷号：1
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：Recent empirical papers report a declining trend in the cumulative abnormal return (CAR)
of acquirers during an M&A program. Does this necessarily imply that acquiring CEOs are
infected by hubris and are not learning from previous mistakes? We first confirm the
existence of this declining trend on average. However, we find a positive CAR trend for
CEOs likely to be infected by hubris, which is significantly different from the negative
trend found for CEOs who are more likely to be rational. We also explore the time between
successive deals and find empirical evidence to suggest that many CEOs learn substantially
during acquisition programs.
