Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction

By Ulrike Malmendier, Geoffrey A. Tate. 2008

2,915 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/ed7ede229068ed9732e1ec7f563df5dca68ec864

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Citations in the corpus

Risk Tolerance and Entrepreneurship (2013, background): “See Malmendier & Tate (2008) for a similar approach to elicit and test for the importance of managerial overconfidence.”
Managerial Ability, Investment Efficiency and Stock Price Crash Risk (2017, positive): “, 2005; Malmendier and Tate, 2005), and result in value-destroying mergers (Malmendier and Tate, 2008).”
CEO Overconfidence and International Merger and Acquisition Activity (2013, positive): “Specifically, we examine the extent to which the findings of Malmendier and Tate (2008) concerning the number of merger offers, the incidence of diversifying versus related mergers, and the method of deal financing by overconfident CEOs hold for non-U.”
Deal Size, Acquisition Premia and Shareholder Gains (2013, positive): “This can be the case if excessively confident managers, that overestimate their ability to extract acquisition benefits (Roll, 1986; Hayward and Habrick, 1997; Malmendier and Tate, 2008), tend to bid for larger firms.”
Learning from Repetitive Acquisitions: Evidence from the Time between Deals (2013, neutral): “…subsample is moreover not consistent with an overconfidence-or hubris-based explanation in deal making, since overconfident or hubris-infected CEOs are known to be more acquisitive and aggressive during the bidding process (Roll (1986); Malmendier and Tate (2008); Aktas, de Bodt, and Roll (2009)).”
Cross-Ownership, Returns and Voting in Mergers (2008, background): “Proposed explanations of negative announcement returns for the acquirers include overconfidence of their managers (Roll, 1986; Malmendier and Tate, 2004), empire-building and other personal objectives of managers (Jensen, 1986; Morck, Shleifer, and Vishny, 1990; Shleifer and Vishny, 1988, 1989),…”
The cost of pride: Why do firms from developing countries bid higher? (2011, positive): “As an example of the effects of overconfidence/hubris, Malmendier and Tate (2008) have recently documented that “overconfident” CEOs are more likely to indulge in (potentially value-”