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題名:CEO Overconfidence and Market Reaction to M&A Withdrawals
書刊名:財務金融學刊
作者:陳麗宇賴蓉禾高翊恩
作者(外文):Chen, Li-yuLai, Jung-hoKao, Yi-en
出版日期:2021
卷期:29:4
頁次:頁1-30
主題關鍵詞:過度自信撤回併購公司治理CEO overconfidenceM&A withdrawalCorporate governance
原始連結:連回原系統網址new window
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  • 點閱點閱:24
期刊論文
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3.Kroll, Mark、Walters, Bruce A.、Wright, Peter(2008)。Board Vigilance, Director Experience, and Corporate Outcomes。Strategic Management Journal,29(4),363-382。  new window
4.Amihud, Yakov、Lev, Baruch(1999)。Does corporate ownership structure affect its strategy towards diversification?。Strategic Management Journal,20(11),1063-1069。  new window
5.Zaheer, Akbar、Castañer, Xavier、Souder, David(2013)。Synergy sources, target autonomy and integration in acquisitions。Journal of Management,39(3),604-632。  new window
6.Chang, Shao-Chi、Chen, Sheng-Syan、Lai, Jung-Ho(2008)。The wealth effect of Japanese-US strategic alliances。Financial Management,37(2),271-301。  new window
7.Ryngaert, Michael、Netter, Jeffry(1990)。Shareholder wealth effects of the 1986 Ohio antitakeover law revisited: Its real effects。Journal of Law, Economics, and Organization,6(1),253-262。  new window
8.Harris, Ira C.、Shimizu, Katsuhiko(2004)。Too Busy to Serve? An Examination of the Influence of Overboarded Directors。Journal of Management Studies,41(5),775-798。  new window
9.Campbell, T. Colin、Gallmeyer, Michael、Johnson, Shane A.、Rutherford, Jessica、Stanley, Brooke W.(2011)。CEO optimism and forced turnover。Journal of Financial Economics,101(3),695-712。  new window
10.Rau, P. Raghavendra、Vermaelen, Theo(1998)。Glamour, value and the post-acquisition performance of acquiring firms。Journal of Financial Economics,49(2),223-253。  new window
11.Cai, Ye、Sevilir, Merih(2012)。Board connections and M&A transactions。Journal of Financial Economics,103(2),327-349。  new window
12.Hietala, Pekka、Kaplan, Steven N.、Robinson, David T.(2003)。What is the Price of Hubris? Using Takeover Battles to Infer Overpayments and Synergies。Financial Management,32(3),1-32。  new window
13.Ahn, Seoungpil、Jiraporn, Pornsit、Kim, Young Sang(2010)。Multiple directorships and acquirer returns。Journal of Banking and Finance,34(9),2011-2026。  new window
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15.Prevost, Andrew K.、Rao, Ramesh P.、Hossain, Mahmud(2002)。Determinants of board composition in New Zealand: A simultaneous equations approach。Journal of Empirical Finance,9(4),373-397。  new window
16.Harford, Jarrad(1999)。Corporate Cash Reserves and Acquisitions。The Journal of Finance,54(6),1969-1997。  new window
17.Miller, Dale T.、Ross, Michael(1975)。Self-serving biases in the attribution of causality: Fact or fiction?。Psychological Bulletin,82(2),213-225。  new window
18.McDonald, Michael L.、Westphal, James D.、Graebner, Melissa E.(2008)。What do they know? The effects of outside director acquisition experience on firm acquisition performance。Strategic Management Journal,29(11),1155-1177。  new window
19.Coles, Jeffery L.、Daniel, Naveen D.、Naveen, Lalitha(2008)。Boards: Does one size fit all?。Journal of Financial Economics,87(2),329-356。  new window
20.Mikkelson, Wayne H.、Partch, M. Megan(1988)。Withdrawn Security Offerings。Journal of Financial and Quantitative Analysis,23(2),119-133。  new window
21.Johnson, Scott G.、Schnatterly, Karen、Hill, Aaron D.(2013)。Board composition beyond independence: Social capital, human capital, and demographics。Journal of Management,39(1),232-262。  new window
22.Banerjee, Suman、Humphery-Jenner, Mark、Nanda, Vikram(2015)。Restraining overconfident CEOs through improved governance: Evidence from the Sarbanes-Oxley Act。Review of Financial Studies,28(10),2812-2858。  new window
23.Kolasinski, Adam C.、Li, Xu(2013)。Can strong boards and trading their own firm's stock help CEOs make better decisions? Evidence from acquisitions by overconfident CEOs。Journal of Financial and Quantitative Analysis,48(4),1173-1206。  new window
24.Boone, Audra L.、Field, Laura C.、Karpoff, Jonathan M.、Raheja, Charu G.(2007)。The Determinants of Corporate Board Size and Composition: An Empirical Analysis。Journal of Financial Economics,85,66-101。  new window
25.Shaked, Israel、Michel, Allen、McClain, David(1991)。The Foreign Acquirer Bonanza: Myth or Reality?。Journal of Business Finance and Accounting,18(3),431-447。  new window
26.Fich, Eliezer M.、Shivdasani, Anil(2006)。Are Busy Boards Effective Monitors?。The Journal of Finance,61(2),689-724。  new window
27.Upadhyay, Arun、Sriram, Ram(2011)。Board Size, Corporate Information Environment and Cost of Capital。Journal of Business Finance & Accounting,38(9/10),1238-1261。  new window
28.Jacobsen, Stacey(2014)。The death of the deal: Are withdrawn acquisition deals informative of CEO quality?。Journal of Financial Economics,114(1),54-83。  new window
29.Field, Laura、Lowry, Michelle、Mkrtchyan, Anahit(2013)。Are busy boards detrimental?。Journal of Financial Economics,109(1),63-82。  new window
30.Roll, Richard(1986)。The Hubris Hypothesis of Corporate Takeovers。The Journal of Business,59(2),197-216。  new window
31.Hirshleifer, David、Low, Angie、Teoh, Siew Hong(2012)。Are overconfident CEOs better innovators?。The Journal of Finance,67(4),1457-1498。  new window
32.Falato, Antonio、Kadyrzhanova, Dalida、Lel, Ugur(2014)。Distracted directors: Does board busyness hurt shareholder value?。Journal of Financial Economics,113(3),404-426。  new window
33.Neffke, Frank、Henning, Martin(2013)。Skill relatedness and firm diversification。Strategic Management Journal,34(3),297-316。  new window
34.Griffin, Dale、Tversky, Amos(1992)。The Weighing of Evidence and the Determinants of Confidence。Cognitive Psychology,24(3),411-435。  new window
35.Masulis, Ronald W.、Wang, Cong、Xie, Fei(2007)。Corporate Governance and Acquirer Returns。The Journal of Finance,62(4),1851-1889。  new window
36.Berger, Philip G.、Ofek, Eli(1995)。Diversification's effect on firm value。Journal of Financial Economics,37(1),39-65。  new window
37.Moeller, Sara B.、Schlingemann, Frederik P.、Stulz, René M.(2004)。Firm Size and the Gains from Acquisitions。Journal of Financial Economics,73(2),201-228。  new window
38.Hillman, Amy J.、Dalziel, Thomas(2003)。Boards of directors and firm performance: Integrating agency and resource dependence perspectives。The Academy of Management Review,28(3),383-396。  new window
39.Svenson, Ola(1981)。Are we all less risky and more skillful than our fellow drivers?。Acta Psychologica,47(2),143-148。  new window
40.Shimizu, Katsuhiko、Hitt, Michael A.、Vaidyanath, Deepa、Pisano, Vincenzo(2004)。Theoretical foundations of cross-border mergers and acquisitions: a review of current research and recommendations for the future。Journal of International Management,10(3),307-353。  new window
41.Ferris, Stephen P.、Jagannathan, Murali、Pritchard, Adam C.(2003)。Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments。The Journal of Finance,58(3),1087-1111。  new window
42.Aybar, Bülent、Ficici, Aysun(2009)。Cross-border acquisitions and firm value: An analysis of emerging-market multinationals。Journal of International Business Studies,40(8),1317-1338。  new window
43.Malmendier, Ulrike、Tate, Geoffrey A.(2008)。Who Makes Acquisitions? CEO Overconfidence and The Market's Reaction。Journal of Financial Economics,89(1),20-43。  new window
44.Moeller, Sara B.、Schlingemann, Frederik P.、Stulz, René M.(2005)。Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave。The Journal of Finance,60(2),757-782。  new window
45.Aktas, Nihat、De Bodt, Eric、Roll, Richard(2009)。Learning, hubris, and corporate serial acquisitions。Journal of Corporate Finance,15,543-561。  new window
46.Alli, Kasim、Ramirez, Gabriel G.、Yung, Kenneth K.(2001)。Withdrawn spin-offs: An empirical analysis。Journal of Financial Research,24,603-616。  new window
47.Álvarez, Isabel、Marín, Raquel(2010)。Entry modes and national systems of innovation。Journal of International Management,16,340-353。  new window
48.Baker, H. Kent、Dutta, Shantanu、Saadi, Samir、Zhu, Pengcheng(2012)。Are good performers bad acquirers?。Financial Management,41,95-118。  new window
49.Chen, Sheng-Syan、Lin, Chih-Yen(2018)。Managerial ability and acquirer returns。Quarterly Review of Economics and Finance,68,171-182。  new window
50.Dah, Mustafa A.、Frye, Melissa B.、Hurst, Matthew(2014)。Board changes and CEO turnover: The unanticipated effects of the Sarbanes-Oxley Act。Journal of Banking and Finance,41,97-108。  new window
51.Hwang, Hyoseok D.、Kim, Hyun-Dong、Kim, Taeyeon(2020)。The blind power: Power-led CEO overconfidence and M&A decision making。North American Journal of Economics and Finance,52,101-141。  new window
52.Jiao, Jie、Liu, Yang、Wu, Rui、Xia, Jun(2020)。Corporate strategy and subsidiary performance: The effect of product and geographic diversification。Management and Organization Review,16,996-1029。  new window
53.Lai, Jung-Ho、Chen, Li-Yu、Song, Sangcheol(2019)。How outside directors' human and social capital create value for corporate international investments。Journal of World Business,54,93-106。  new window
54.Picone, Pasquale M.、Dagnino, Giovanni B.、Minà, Anna(2014)。The origin of failure: A multidisciplinary appraisal of the hubris hypothesis and proposed research agenda。Academy of Management Perspectives,28,447-468。  new window
55.Vagenas-Nanos, Evangelos(2020)。The benefits of overvaluation: Evidence from mergers and acquisitions。Financial Management,49,91-133。  new window
56.Zattoni, Alessandro、Witt, Michael A.、Judge, William Q.、Talaulicar, Till、Chen, Jean J.、Lewellyn, Krista、Hu, Helen W.、Gabrielsson, Jonas、Rivas, Jose L.、Puffer, Sheila、Shukla, Dhirendra、Lopez, Felix、Adegbite, Emmanuel、Fassin, Yves、Yamak, Sibel、Fainshmidt, Stav、Van Ees, Hans(2017)。Does board independence influence financial performance in IPO firms? The moderating role of the national business system。Journal of World Business,52,628-639。  new window
57.Brown, Stephen J.、Warner, Jerold B.(1985)。Using Daily Stock Returns: The Case of Event Studies。Journal of Financial Economics,14(1),3-31。  new window
58.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics,3(4),305-360。  new window
59.Beasley, Mark S.(1996)。An Empirical Analysis of the Relation between the Board of Director Composition and Finacial Statement Fraud。The Accounting Review,71(4),443-465。  new window
60.Very, Philippe、Schweiger, David M.(2001)。The Acquisition Process as a Learning Process: Evidence from a Study of Critical Problems and Solutions in Domestic and Cross-Border Deals。Journal of World Business,36(1),11-31。  new window
研究報告
1.Baker, Malcolm、Pan, Xin、Wurgler, Jeffrey(2009)。A reference point theory of mergers and acquisitions。National Bureau of Economic Research。  new window
圖書
1.Hair, Joseph F.、Black, Bill、Babin, Barry、Anderson, Rolph E.、Tatham, Ronald L.(2006)。Multivariate data analysis。Upper Saddle River:Prentice-Hall。  new window
2.Pfeffer, Jeffrey、Salancik, Gerald Richard(1978)。The external control of organizations: A resource dependence perspective。Harper & Row。  new window
3.Weston, John F.、Siu, Juan A.、Johnson, Brian A.(2001)。Takeovers, Restructuring, and Corporate Governance。Prentice Hall。  new window
其他
1.Barbaglia, Pamela,Franklin, Joshua(20200930)。M&A spikes in record third quarter as boards go on pandemic deal spree,https://www.reuters.com/article/us-global-m-a-q3-idUSKBN26L23O。  new window
圖書論文
1.Alicke, Mark D.、Govorun, Olesya(2005)。The better-than-average effect。The self in social judgment。New York:Psychology Press。  new window
 
 
 
 
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