Are Overconfident CEOs Born or Made? Evidence of Self-Attribution Bias from Frequent Acquirers

By Matthew T. Billett, Yiming Qian. Management Sciences, 2008

505 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/628a8432705b4ac1a1d769408508f1cf77f5d484

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Citations in the corpus

The Pre-Deal Phase of Mergers and Acquisitions: A Review and Research Agenda (2020, unknown): “…that CEOs who are young and male (J. Huang & Kisgen, 2013; Levi, Li, & Zhang, 2010; Yim, 2013), non-Republican (Elnahas & Kim, 2017), overconfident (Billett & Qian, 2008; Hayward & Hambrick, 1997; Malmendier & Tate, 2008; Malmendier & Tate, 2015), narcissistic (A. Chatterjee & Hambrick, 2007; Zhu…”
CEO network centrality and merger performance (2015, background): “Notable traits include hubris (Hayward and Hambrick, 1997), self-attribution bias (Billett and Qian, 2008), narcissism (Ham, Seybert, and Wang, 2012; Chatterjee and Hambrick, 2007), and overconfidence (Melmendier and Tate, 2008).”
Serial Acquirer Bidding: An Empirical Test of the Learning Hypothesis (2011, background): “…reported stylized fact, namely, the declining trend in acquirers’ cumulative abnormal returns (CARs) during mergers and acquisitions (M&A) programs (Fuller et al., 2002; Conn et al., 2004; Croci, 2005; Ahern, 2008; Ismail, 2008), even after controlling for CEO effects (Billett and Qian, 2008).”
Gains from Mergers and Acquisitions Around the World: New Evidence (2010, background): “Along these lines, Billett and Qian (2008) argue that fierce competition for listed targets is likely to enhance managerial hubris-related effects that, due to the winner’s curse, can lead to reduced gains for acquirers.2 In addition, the presence of competition can exacerbate the negative effects…”
Are Overconfident CEOs Better Innovators? (2012, unknown): “So, innovative projects are likely 3 See, e.g., Oskamp (1965), Wagenaar and Keren (1986), Brenner et al. (1996), and Weinstein (1980).”
Do Investors Learn from Experience? Evidence from Frequent IPO Investors (2011, background): “3 There is evidence consistent with biased learning for other market participants: Billett and Qian (2008) find that CEOs that frequently engage in acquiring other firms see more negative wealth effects in their later deals while their insider trading prior to those deals becomes more bullish.”
Corporate social responsibility and M&A uncertainty (2019, background): “Specifically, we follow Billett and Qian (2008) and define serial acquirers as firms that acquire at least two targets within any five-year horizon.”
The Origin of Failure: A Multidisciplinary Appraisal of the Hubris Hypothesis and Proposed Research Agenda (2014, background): “Moreover, according to Doukas and Petmezas (2007) and Billett and Qian (2008), this bias tends to be higher when CEOs have previously managed a successful acquisition.”