The Hubris Hypothesis: Empirical Evidence
نویسندگان
چکیده
The Hubris Hypothesis is grounded on a failure to adequately account for the winner’s curse, which leads to overbidding. Surprisingly few papers have attempted to develop a direct empirical test of the presence of overbidding in M&A contests. We develop two such tests in this paper. Our results strongly support the existence of overbidding. JEL classification: G34
منابع مشابه
Hubris , Learning , and M & A
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