最近看这方面文章，补充几篇

1.WHO MAKES ACQUISITIONS? CEO OVERCONFIDENCE AND THE MARKET’S REACTION

Ulrike Malmendier Geoffrey Tate

NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 September 2004

ABSTRACT

Overconfident CEOs over-estimate their ability to generate returns. Thus, on the margin, they undertake mergers that destroy value. They also perceive outside finance to be over-priced. We classify CEOs as overconfident when, despite their under-diversification, they hold options on company stock until expiration. We find that these CEOs are more acquisitive on average, particularly via diversifying deals. The effects are largest in firms with abundant cash and untapped debt capacity. Using press coverage as "confident" or "optimistic" to measure overconfidence confirms these results. We also find that the market reacts significantly more negatively to takeover bids by overconfident managers.

[此贴子已经被作者于2004-12-17 17:22:24编辑过]

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[此贴子已经被作者于2004-12-18 1:48:23编辑过]

好文章，集中攻读