On the role of acquisition premium in acquisition research

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Executive Personality, Capability Cues, and Risk Taking (2011, background): “Prior researchers have used acquisition premiums as an expression of risk taking (Laamanen, 2007) and as an outgrowth of CEO confidence (Hayward and Hambrick, 1997).”
When Firms are Desperate to Grow via Acquisition: The Effect of Growth Patterns and Acquisition Experience on Acquisition Premiums (2011, background): “…increases and more information about the acquisition becomes available to the market; thus calculating the acquisition premium based on a pre-acquisition stock price that is too temporally close to the announcement date may result in underestimation of the acquisition premium (Laamanen, 2007).”
A Signaling Theory of Acquisition Premiums: Evidence from IPO Targets (2012, background): “In this article, we seek to join the literatures on IPOs (e.g., Certo, 2003; Gulati & Higgins, 2003; Higgins & Gulati, 2003) and acquisition premiums (e.g., Laamanen, 2007) with signaling theory to isolate some of the sources of seller gains in acquisitions of IPO targets.”
Mergers and Acquisitions: Overcoming Pitfalls, Building Synergy, and Creating Value (2009, background): “Over the past 20 years, the average premium paid has been 40%-50% (Laamanen, 2007).”