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題名 經理人過度自信於經濟衰退時對企業併購之影響
The impact of CEO overconfidence on mergers & acquisitions during economic recession
作者 張暘亘
Chang, Yang Hsuan
貢獻者 陳嬿如
Chen, Yenn Ru
張暘亘
Chang, Yang Hsuan
關鍵詞 經理人過度自信
經濟衰退
企業併購
CEO overconfidence
Economic recession
Mergers & acquisitions
日期 2018
上傳時間 2-Mar-2018 11:39:52 (UTC+8)
摘要 本研究探討過度自信經理人於經濟衰退階段時之併購行為。本研究蒐集S&P1500大企業於1993年至2016年的資料，對過度自信經理人於景氣衰退階段的併購機率、宣告效果、長期股價表現進行分析。因為過度自信經理人低估景氣衰退所造成的高度不確定性，同時高估本身能夠透過併購所創造的公司價值，我們預期過度自信經理人相較非過度自信經理人更容易在景氣衰退的階段進行併購。然而實證結果過顯示過度自信經理人的併購機率於2008年金融海嘯後大幅下降，減少併購的幅度顯著高於非過度自信經理人。此結果和過去文獻一致，說明在財務資源不足的情況下，過度自信經理人會比非過度自信經理人更不願意投資。因為過度自信經理人高估自家公司權益價值，認為資本市場低估其權益價值，就算面對能為公司創造價值的投資案時也不願意向外發行股票籌資，因而導致他們在經氣衰退時較非過度自信經理人投資更保守。
The study examines the behaviors of overconfident CEOs during recessions using firms included in S&P 1500 Index from 1993 to 2016. We propose that overconfident CEOs would undertake more M&As than non-overconfident CEOs during recessions for their biased beliefs lead them to underestimating the risk they would incur in recessions and overestimating the synergy they can create through M&As. However, we found that, during and after the 2008 Recessions, overconfident CEOs reduce significantly more in undertaking M&As than non-overconfident CEOs. The results are consistent with past literatures and suggest that decrease in financial resources caused by recession lead overconfident CEOs, who overestimate the value of their own equity and are unwilling to issue new equity, to reducing more in undertaking M&As than non-overconfident CEOs after and during recession.
參考文獻 Ahern, K. R., & Harford, J. (2014). The importance of industry links in merger waves. The Journal of Finance, 69(2), 527-576.\nAlmazan, A., De Motta, A., Titman, S., & Uysal, V. (2010). Financial structure, acquisition opportunities, and firm locations. The Journal of Finance, 65(2), 529-563.\nAndrade, G., Mitchell, M. L., & Stafford, E. (2001). New evidence and perspectives on mergers.\nAndrade, G., & Stafford, E. (2004). Investigating the economic role of mergers. Journal of Corporate Finance, 10(1), 1-36.\nBates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to?. The Journal of finance, 64(5), 1985-2021.\nBecketti, S. (1986). Corporate mergers and the business cycle. Economic Review, 71(5), 13-26.\nBernanke, B. S. (1983). Irreversibility, uncertainty, and cyclical investment. The Quarterly Journal of Economics, 98(1), 85-106.\nBhagwat, V., Dam, R., & Harford, J. (2016). The real effects of uncertainty on merger activity. The Review of Financial Studies, 29(11), 3000-3034.\nBillett, M. T., & Qian, Y. (2008). Are overconfident CEOs born or made? Evidence of self-attribution bias from frequent acquirers. Management Science, 54(6), 1037-1051.\nBloom, N., Floetotto, M., Jaimovich, N., Saporta-Eksten, I., & Terry, S. J. (2012). Really Uncertain Business cycles (No. w18245). National Bureau of Economic Research.\nBloom, N. (2009). The impact of uncertainty shocks. Econometrica, 77(3), 623-685.\nBouwman, C. H., Fuller, K., & Nain, A. S. (2007). Market valuation and acquisition quality: Empirical evidence. The Review of Financial Studies, 22(2), 633-679.\nBraun, M., & Larrain, B. (2005). Finance and the business cycle: international, inter‐industry evidence. The Journal of Finance, 60(3), 1097-1128.\nBrunnermeier, M. K. (2009). Deciphering the liquidity and credit crunch 2007–2008. The Journal of Economic Perspectives, 23(1), 77-100.\nCaballero, R. J., & Krishnamurthy, A. (2008). Collective risk management in a flight to quality episode. The Journal of Finance, 63(5), 2195-2230.\nCampbell, T. C., Gallmeyer, M., Johnson, S. A., Rutherford, J., & Stanley, B. W. (2011). CEO optimism and forced turnover. Journal of Financial Economics, 101(3), 695-712.\nCampello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470-487.\nCaprio, L., Croci, E., & Del Giudice, A. (2011). Ownership structure, family control, and acquisition decisions. Journal of Corporate Finance, 17(5), 1636-1657.\nDittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83(3), 599-634.\nDixit, A. K., & Pindyck, R. S. (1994). Investment Under Uncertainty. Princeton university press.\nDoukas, J. A., & Petmezas, D. (2007). Acquisitions, Overconfident Managers and Self‐attribution Bias. European Financial Management, 13(3), 531-577.\nDuchin, R., & Schmidt, B. (2013). Riding the merger wave: Uncertainty, reduced monitoring, and bad acquisitions. Journal of Financial Economics, 107(1), 69-88.\nFerreira, M. A., Massa, M., & Matos, P. (2009). Shareholders at the gate? Institutional investors and cross-border mergers and acquisitions. The Review of Financial Studies, 23(2), 601-644.\nFerris, S. P., Houston, R., & Javakhadze, D. (2016). Friends in the right places: The effect of political connections on corporate merger activity. Journal of Corporate Finance, 41, 81-102.\nGervais, S., Heaton, J. B., & Odean, T. (2011). Overconfidence, compensation contracts, and capital budgeting. The Journal of Finance, 66(5), 1735-1777.\nGoette, L., Bendahan, S., Thoresen, J., Hollis, F., & Sandi, C. (2015). Stress pulls us apart: Anxiety leads to differences in competitive confidence under stress. Psychoneuroendocrinology, 54, 115-123.\nGorton, G. B. (2010). Slapped by The Invisible Hand: The panic of 2007. Oxford University Press.\nGriffin, D., & Brenner, L. (2004). Perspectives on probability judgment calibration. Blackwell Handbook of Judgment and Decision Making, 177-199.\nGulen, H., & Ion, M. (2015). Policy uncertainty and corporate investment. The Review of Financial Studies, 29(3), 523-564.\nHadlock, C. J., & Pierce, J. R. (2010). New evidence on measuring financial constraints: Moving beyond the KZ index. The Review of Financial Studies, 23(5), 1909-1940.\nHalling, M., Yu, J., & Zechner, J. (2016). Leverage dynamics over the business cycle. Journal of Financial Economics, 122(1), 21-41.\nHarford, J. (1999). Corporate cash reserves and acquisitions. The Journal of Finance, 54(6), 1969-1997.\nHarford, J. (2005). What drives merger waves?. Journal of Financial Economics, 77(3), 529-560.\nHayward, M. L., & Hambrick, D. C. (1997). Explaining the premiums paid for large acquisitions: Evidence of CEO hubris. Administrative Science Quarterly, 103-127.\nHarford, J., & Uysal, V. B. (2014). Bond market access and investment. Journal of Financial Economics, 112(2), 147-163.\nHeaton, J. B. (2002). Managerial optimism and corporate finance. Financial Management, 33-45.\nHirshleifer, D., Low, A., & Teoh, S. H. (2012). Are overconfident CEOs better innovators?. The Journal of Finance, 67(4), 1457-1498.\nHuang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives?. Journal of Financial Economics, 108(3), 822-839.\nIvashina, V., & Scharfstein, D. (2010). Bank lending during the financial crisis of 2008. Journal of Financial Economics, 97(3), 319-338.\nJensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.\nJensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.\nJovanovic, B., & Rousseau, P. L. (2002). The Q-theory of Mergers (No. w8740). National Bureau of Economic Research.\nKahle, K. M., & Stulz, R. M. (2013). Access to capital, investment, and the financial crisis. Journal of Financial Economics, 110(2), 280-299.\nLambrecht, B. M. (2004). The timing and terms of mergers motivated by economies of scale. Journal of Financial Economics, 72(1), 41-62.\nLyon, J. D., Barber, B. M., & Tsai, C. L. (1999). Improved methods for tests of long‐run abnormal stock returns. The Journal of Finance, 54(1), 165-201.\nM&A Statistics-Worldwide, Regions, Industries & Countries. In Institute for Mergers, Acquisitions and Alliances. Retrieved January 23, 2018, from https://imaa-institute.org/mergers-and-acquisitions-statistics/\nMaksimovic, V., & Phillips, G. (2001). The market for corporate assets: Who engages in mergers and asset sales and are there efficiency gains? The Journal of Finance, 56(6), 2019-2065.\nMaksimovic, V., & Phillips, G. (2002). Do conglomerate firms allocate resources inefficiently across industries? Theory and evidence. The Journal of Finance, 57(2), 721-767.\nMaksimovic, V., Phillips, G., & Yang, L. (2013). Private and public merger waves. The Journal of Finance, 68(5), 2177-2217.\nMalmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. The Journal of Finance, 60(6), 2661-2700.\nMalmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market`s reaction. Journal of Financial Economics, 89(1), 20-43.\nMalmendier, U., & Nagel, S. (2011). Depression babies: do macroeconomic experiences affect risk taking?. The Quarterly Journal of Economics, 126(1), 373-416.\nMalmendier, U., Tate, G., & Yan, J. (2011). Overconfidence and early‐life experiences: the effect of managerial traits on corporate financial policies. The Journal of Finance, 66(5), 1687-1733.\nMartynova, M., & Renneboog, L. (2008). A century of corporate takeovers: What have we learned and where do we stand?. Journal of Banking & Finance, 32(10), 2148-2177.\nMasulis, R. W., Wang, C., & Xie, F. (2007). Corporate governance and acquirer returns. The Journal of Finance, 62(4), 1851-1889.\nMcDonald, R., & Siegel, D. (1986). The value of waiting to invest. The Quarterly Journal of Economics, 101(4), 707-727.\nMitchell, M. L., & Mulherin, J. H. (1996). The impact of industry shocks on takeover and restructuring activity. Journal of Financial Economics, 41(2), 193-229.\nMoeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201-228.\nNæs, R., Skjeltorp, J. A., & Ødegaard, B. A. (2011). Stock market liquidity and the business cycle. The Journal of Finance, 66(1), 139-176.\nPanousi, V., & Papanikolaou, D. (2012). Investment, idiosyncratic risk, and ownership. The Journal of Finance, 67(3), 1113-1148.\nRhodes‐Kropf, M., & Viswanathan, S. (2004). Market valuation and merger waves. The Journal of Finance, 59(6), 2685-2718\nRichardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11(2-3), 159-189.\nRossi, S., & Volpin, P. F. (2004). Cross-country determinants of mergers and acquisitions. Journal of Financial Economics, 74(2), 277-304.\nSchlingemann, F. P., Stulz, R. M., & Walkling, R. A. (2002). Divestitures and the liquidity of the market for corporate assets. Journal of financial Economics, 64(1), 117-144.\nSchwert, G. W. (1989). Why does stock market volatility change over time?. The Journal of Finance, 44(5), 1115-1153.\nShleifer, A., & Vishny, R. W. (2003). Stock market driven acquisitions. Journal of financial Economics, 70(3), 295-311.\nTversky, A., The Psychology of Risk, in Behavioral Finance and Decision Theory in Investment\nManagement, (Charlottesville, VA: AIMR, 1995). \nWhited, T. M., & Wu, G. (2006). Financial constraints risk. The Review of Financial Studies, 19(2), 531-559.\nXu, E. Q. (2017). Cross-border merger waves. Journal of Corporate Finance, 46, 207-231.\nYim, S. (2013). The acquisitiveness of youth: CEO age and acquisition behavior. Journal of Financial Economics, 108(1), 250-273.
描述 碩士
國立政治大學
財務管理研究所
104357025
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104357025
資料類型 thesis
dc.contributor.advisor 陳嬿如zh_TW
dc.contributor.advisor Chen, Yenn Ruen_US
dc.contributor.author (Authors) 張暘亘zh_TW
dc.contributor.author (Authors) Chang, Yang Hsuanen_US
dc.creator (作者) 張暘亘zh_TW
dc.creator (作者) Chang, Yang Hsuanen_US
dc.date (日期) 2018en_US
dc.date.accessioned 2-Mar-2018 11:39:52 (UTC+8)-
dc.date.available 2-Mar-2018 11:39:52 (UTC+8)-
dc.date.issued (上傳時間) 2-Mar-2018 11:39:52 (UTC+8)-
dc.identifier (Other Identifiers) G0104357025en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=133448-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 104357025zh_TW
dc.description.abstract (摘要) 本研究探討過度自信經理人於經濟衰退階段時之併購行為。本研究蒐集S&P1500大企業於1993年至2016年的資料，對過度自信經理人於景氣衰退階段的併購機率、宣告效果、長期股價表現進行分析。因為過度自信經理人低估景氣衰退所造成的高度不確定性，同時高估本身能夠透過併購所創造的公司價值，我們預期過度自信經理人相較非過度自信經理人更容易在景氣衰退的階段進行併購。然而實證結果過顯示過度自信經理人的併購機率於2008年金融海嘯後大幅下降，減少併購的幅度顯著高於非過度自信經理人。此結果和過去文獻一致，說明在財務資源不足的情況下，過度自信經理人會比非過度自信經理人更不願意投資。因為過度自信經理人高估自家公司權益價值，認為資本市場低估其權益價值，就算面對能為公司創造價值的投資案時也不願意向外發行股票籌資，因而導致他們在經氣衰退時較非過度自信經理人投資更保守。zh_TW
dc.description.abstract (摘要) The study examines the behaviors of overconfident CEOs during recessions using firms included in S&P 1500 Index from 1993 to 2016. We propose that overconfident CEOs would undertake more M&As than non-overconfident CEOs during recessions for their biased beliefs lead them to underestimating the risk they would incur in recessions and overestimating the synergy they can create through M&As. However, we found that, during and after the 2008 Recessions, overconfident CEOs reduce significantly more in undertaking M&As than non-overconfident CEOs. The results are consistent with past literatures and suggest that decrease in financial resources caused by recession lead overconfident CEOs, who overestimate the value of their own equity and are unwilling to issue new equity, to reducing more in undertaking M&As than non-overconfident CEOs after and during recession.en_US
dc.description.tableofcontents 1. Introduction 1\n2. Literature Review and Hypothesis 3\n2.1 Literature Review 3\n2.1.1 Determinants of Mergers and Acquisitions 3\n2.1.2 CEO Overconfidence 4\n2.1.3 Recession and M&As 6\n2.2 Hypothesis 7\n2.2.1 Probability of Bidding 7\n2.2.2 Announcement Effect and Long-term Performance 9\n3. Empirical Analysis 10\n3.1 Data 10\n3.2 CEO Overconfidence 10\n3.3 Recession Years 12\n3.4 Probability of Bidding 13\n3.5 Announcement Effect 14\n3.6 Long-term Performance 15\n4. Empirical Results 17\n4.1 Probability of Bidding 17\n4.2 Announcement Effect 21\n4.3 Long-term Performance 23\n5. Conclusion 25\nReferences 26\nAppendix: Variable Definitions 51zh_TW
dc.format.extent 1667125 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104357025en_US
dc.subject (關鍵詞) 經理人過度自信zh_TW
dc.subject (關鍵詞) 經濟衰退zh_TW
dc.subject (關鍵詞) 企業併購zh_TW
dc.subject (關鍵詞) CEO overconfidenceen_US
dc.subject (關鍵詞) Economic recessionen_US
dc.subject (關鍵詞) Mergers & acquisitionsen_US
dc.title (題名) 經理人過度自信於經濟衰退時對企業併購之影響zh_TW
dc.title (題名) The impact of CEO overconfidence on mergers & acquisitions during economic recessionen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Ahern, K. R., & Harford, J. (2014). The importance of industry links in merger waves. The Journal of Finance, 69(2), 527-576.\nAlmazan, A., De Motta, A., Titman, S., & Uysal, V. (2010). Financial structure, acquisition opportunities, and firm locations. The Journal of Finance, 65(2), 529-563.\nAndrade, G., Mitchell, M. L., & Stafford, E. (2001). New evidence and perspectives on mergers.\nAndrade, G., & Stafford, E. (2004). Investigating the economic role of mergers. Journal of Corporate Finance, 10(1), 1-36.\nBates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to?. The Journal of finance, 64(5), 1985-2021.\nBecketti, S. (1986). Corporate mergers and the business cycle. Economic Review, 71(5), 13-26.\nBernanke, B. S. (1983). Irreversibility, uncertainty, and cyclical investment. The Quarterly Journal of Economics, 98(1), 85-106.\nBhagwat, V., Dam, R., & Harford, J. (2016). The real effects of uncertainty on merger activity. The Review of Financial Studies, 29(11), 3000-3034.\nBillett, M. T., & Qian, Y. (2008). Are overconfident CEOs born or made? Evidence of self-attribution bias from frequent acquirers. Management Science, 54(6), 1037-1051.\nBloom, N., Floetotto, M., Jaimovich, N., Saporta-Eksten, I., & Terry, S. J. (2012). Really Uncertain Business cycles (No. w18245). National Bureau of Economic Research.\nBloom, N. (2009). The impact of uncertainty shocks. Econometrica, 77(3), 623-685.\nBouwman, C. H., Fuller, K., & Nain, A. S. (2007). Market valuation and acquisition quality: Empirical evidence. The Review of Financial Studies, 22(2), 633-679.\nBraun, M., & Larrain, B. (2005). Finance and the business cycle: international, inter‐industry evidence. The Journal of Finance, 60(3), 1097-1128.\nBrunnermeier, M. K. (2009). Deciphering the liquidity and credit crunch 2007–2008. The Journal of Economic Perspectives, 23(1), 77-100.\nCaballero, R. J., & Krishnamurthy, A. (2008). Collective risk management in a flight to quality episode. The Journal of Finance, 63(5), 2195-2230.\nCampbell, T. C., Gallmeyer, M., Johnson, S. A., Rutherford, J., & Stanley, B. W. (2011). CEO optimism and forced turnover. Journal of Financial Economics, 101(3), 695-712.\nCampello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470-487.\nCaprio, L., Croci, E., & Del Giudice, A. (2011). Ownership structure, family control, and acquisition decisions. Journal of Corporate Finance, 17(5), 1636-1657.\nDittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83(3), 599-634.\nDixit, A. K., & Pindyck, R. S. (1994). Investment Under Uncertainty. Princeton university press.\nDoukas, J. A., & Petmezas, D. (2007). Acquisitions, Overconfident Managers and Self‐attribution Bias. European Financial Management, 13(3), 531-577.\nDuchin, R., & Schmidt, B. (2013). Riding the merger wave: Uncertainty, reduced monitoring, and bad acquisitions. Journal of Financial Economics, 107(1), 69-88.\nFerreira, M. A., Massa, M., & Matos, P. (2009). Shareholders at the gate? Institutional investors and cross-border mergers and acquisitions. The Review of Financial Studies, 23(2), 601-644.\nFerris, S. P., Houston, R., & Javakhadze, D. (2016). Friends in the right places: The effect of political connections on corporate merger activity. Journal of Corporate Finance, 41, 81-102.\nGervais, S., Heaton, J. B., & Odean, T. (2011). Overconfidence, compensation contracts, and capital budgeting. The Journal of Finance, 66(5), 1735-1777.\nGoette, L., Bendahan, S., Thoresen, J., Hollis, F., & Sandi, C. (2015). Stress pulls us apart: Anxiety leads to differences in competitive confidence under stress. Psychoneuroendocrinology, 54, 115-123.\nGorton, G. B. (2010). Slapped by The Invisible Hand: The panic of 2007. Oxford University Press.\nGriffin, D., & Brenner, L. (2004). Perspectives on probability judgment calibration. Blackwell Handbook of Judgment and Decision Making, 177-199.\nGulen, H., & Ion, M. (2015). Policy uncertainty and corporate investment. The Review of Financial Studies, 29(3), 523-564.\nHadlock, C. J., & Pierce, J. R. (2010). New evidence on measuring financial constraints: Moving beyond the KZ index. The Review of Financial Studies, 23(5), 1909-1940.\nHalling, M., Yu, J., & Zechner, J. (2016). Leverage dynamics over the business cycle. Journal of Financial Economics, 122(1), 21-41.\nHarford, J. (1999). Corporate cash reserves and acquisitions. The Journal of Finance, 54(6), 1969-1997.\nHarford, J. (2005). What drives merger waves?. Journal of Financial Economics, 77(3), 529-560.\nHayward, M. L., & Hambrick, D. C. (1997). Explaining the premiums paid for large acquisitions: Evidence of CEO hubris. Administrative Science Quarterly, 103-127.\nHarford, J., & Uysal, V. B. (2014). Bond market access and investment. Journal of Financial Economics, 112(2), 147-163.\nHeaton, J. B. (2002). Managerial optimism and corporate finance. Financial Management, 33-45.\nHirshleifer, D., Low, A., & Teoh, S. H. (2012). Are overconfident CEOs better innovators?. The Journal of Finance, 67(4), 1457-1498.\nHuang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives?. Journal of Financial Economics, 108(3), 822-839.\nIvashina, V., & Scharfstein, D. (2010). Bank lending during the financial crisis of 2008. Journal of Financial Economics, 97(3), 319-338.\nJensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.\nJensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.\nJovanovic, B., & Rousseau, P. L. (2002). The Q-theory of Mergers (No. w8740). National Bureau of Economic Research.\nKahle, K. M., & Stulz, R. M. (2013). Access to capital, investment, and the financial crisis. Journal of Financial Economics, 110(2), 280-299.\nLambrecht, B. M. (2004). The timing and terms of mergers motivated by economies of scale. Journal of Financial Economics, 72(1), 41-62.\nLyon, J. D., Barber, B. M., & Tsai, C. L. (1999). Improved methods for tests of long‐run abnormal stock returns. The Journal of Finance, 54(1), 165-201.\nM&A Statistics-Worldwide, Regions, Industries & Countries. In Institute for Mergers, Acquisitions and Alliances. Retrieved January 23, 2018, from https://imaa-institute.org/mergers-and-acquisitions-statistics/\nMaksimovic, V., & Phillips, G. (2001). The market for corporate assets: Who engages in mergers and asset sales and are there efficiency gains? The Journal of Finance, 56(6), 2019-2065.\nMaksimovic, V., & Phillips, G. (2002). Do conglomerate firms allocate resources inefficiently across industries? Theory and evidence. The Journal of Finance, 57(2), 721-767.\nMaksimovic, V., Phillips, G., & Yang, L. (2013). Private and public merger waves. The Journal of Finance, 68(5), 2177-2217.\nMalmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. The Journal of Finance, 60(6), 2661-2700.\nMalmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market`s reaction. Journal of Financial Economics, 89(1), 20-43.\nMalmendier, U., & Nagel, S. (2011). Depression babies: do macroeconomic experiences affect risk taking?. The Quarterly Journal of Economics, 126(1), 373-416.\nMalmendier, U., Tate, G., & Yan, J. (2011). Overconfidence and early‐life experiences: the effect of managerial traits on corporate financial policies. 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