Recent empirical papers report a declining trend in the cumulative abnormal return (CAR) of acquirers during an M&A program. Does this necessarily imply that acquiring CEOs are infected by hubris and are not learning from previous mistakes? We first confirm the existence of this declining trend on average. However, we find a positive CAR trend for CEOs likely to be infected by hubris, which is ...

Recent empirical results have found a declining trend in the cumulative abnormal return (CAR) of acquiring firms during an M&A program. Should one conclude that CEOs undertaking M&As are infected by hubris and unable to learn? We first confirm the existence of this declining trend. However, we find a positive CAR trend for CEOs most likely to be infected by hubris and a negative (and significan...

Abstract Why did Putin decide to invade Ukraine in 2022? Structural realists regard it as a preventive war with strategic rationale response NATO's eastward expansion. However, many scholars suggest, Putin's decision-making is riddled various irrationalities, which can be better framed overbalancing and the classical realist concept of ‘hubris’. Lawrence Freedman others argue that key explainin...