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 research has shown that, from deal to deal, serial acquirers' cumulative
abnormal returns (CAR) are declining. This has been most often attributed to CEOs hubris. We
question this interpretation. Our theoretical analysis shows that (i) a declining CAR from deal to
deal is not sufficient to reveal the presence of hubris, (ii) if CEOs are learning, economically
motivated and rational, a declining CAR from deal to deal should be observed, (iii) predictions
can be derived about the impact of learning and hubris on the time between successive deals
and, finally, (iv) predictions about the CAR and about the time between successive deal trends
lead to testable empirical hypotheses.
