The hubris hypothesis of corporate takeovers¶
Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of Business, 59(2), 197-216.
Cited by¶
1 citation across 1 artifact.
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Primes¶
- Winner's Curse
- This supplies a structural explanation for the persistent empirical finding that acquirers in competitive takeover contests earn poor post-deal returns, the "diminishing returns to bidding" that corporate-finance scholars have documented across decades of merger waves.
This sourceFoundational corporate-finance argument that the acquirer who outbids all rivals is the party with the highest positive valuation error, supplying a structural explanation for systematically poor post-deal acquirer returns in competitive takeover contests.
- This supplies a structural explanation for the persistent empirical finding that acquirers in competitive takeover contests earn poor post-deal returns, the "diminishing returns to bidding" that corporate-finance scholars have documented across decades of merger waves.
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