CEO overconfidence and the impact on M&A activity

Detalhes bibliográficos
Autor(a) principal: Bressane, Bernardo Prôa
Data de Publicação: 2010
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: https://hdl.handle.net/10438/6949
Resumo: What drives mergers and acquisitions decisions? Can an overconfidence bias affect decisions within the management team? This study complements recent work developed within the behavioral finance analyses of Mergers & Acquisitions and proposes the use of new variable to measure overconfidence. Using a sample of 8,895 takeover transactions completed by 993 CEOs in the United States – between 1992 and 2008 – it can be noticed that overconfident CEOs have 22% higher odds of engaging in corporate takeovers than rational CEOs.
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spelling Bressane, Bernardo PrôaEscolas::EPGEFGVBonomo, Marco Antônio CesarBarbedo, Cláudio Henrique da SilveiraMaia, Marcelo Verdini2010-08-11T11:57:52Z2010-08-11T11:57:52Z2010-05-31BRESSANE, Bernardo Prôa. CEO overconfidence and the impact on M&A activity. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2010.https://hdl.handle.net/10438/6949What drives mergers and acquisitions decisions? Can an overconfidence bias affect decisions within the management team? This study complements recent work developed within the behavioral finance analyses of Mergers & Acquisitions and proposes the use of new variable to measure overconfidence. Using a sample of 8,895 takeover transactions completed by 993 CEOs in the United States – between 1992 and 2008 – it can be noticed that overconfident CEOs have 22% higher odds of engaging in corporate takeovers than rational CEOs.O que gera fusões e aquisições? A presença de um viés de excesso de confiança pode afetar essas decisões entre os executivos? Este estudo complementa os trabalhos recentes que analisam as Fusões e Acquisições sob a ótica das finanças comportamentais e propõe a utilização de uma nova variável para medir o excesso de confiança. Através do uso de uma amostra formada por 8,895 fusões realizadas por 993 CEOs nos Estados Unidos – entre 1992 e 2008 – pode ser observao que CEOs que apresentam excesso de confiança tem 22% maiores chances de realizarem fusões.engFusões e aquisiçõesFinanças comportamentaisExcesso de confiançaBehavioral financeOverconfidenceMergers and acquisitionsEconomiaEmpresas - Fusão e incorporaçãoFinançasCEO overconfidence and the impact on M&A activityinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINALDissertação.pdfDissertação.pdfPDFapplication/pdf198765https://repositorio.fgv.br/bitstreams/589048aa-67b4-437a-aaef-d2c482011dc5/download14cd8ab4b8b644a4ca00fe81d103bb8eMD51LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv CEO overconfidence and the impact on M&A activity
title CEO overconfidence and the impact on M&A activity
spellingShingle CEO overconfidence and the impact on M&A activity
Bressane, Bernardo Prôa
Fusões e aquisições
Finanças comportamentais
Excesso de confiança
Behavioral finance
Overconfidence
Mergers and acquisitions
Economia
Empresas - Fusão e incorporação
Finanças
title_short CEO overconfidence and the impact on M&A activity
title_full CEO overconfidence and the impact on M&A activity
title_fullStr CEO overconfidence and the impact on M&A activity
title_full_unstemmed CEO overconfidence and the impact on M&A activity
title_sort CEO overconfidence and the impact on M&A activity
author Bressane, Bernardo Prôa
author_facet Bressane, Bernardo Prôa
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.affiliation.none.fl_str_mv FGV
dc.contributor.member.none.fl_str_mv Bonomo, Marco Antônio Cesar
Barbedo, Cláudio Henrique da Silveira
dc.contributor.author.fl_str_mv Bressane, Bernardo Prôa
dc.contributor.advisor1.fl_str_mv Maia, Marcelo Verdini
contributor_str_mv Maia, Marcelo Verdini
dc.subject.por.fl_str_mv Fusões e aquisições
Finanças comportamentais
Excesso de confiança
topic Fusões e aquisições
Finanças comportamentais
Excesso de confiança
Behavioral finance
Overconfidence
Mergers and acquisitions
Economia
Empresas - Fusão e incorporação
Finanças
dc.subject.eng.fl_str_mv Behavioral finance
Overconfidence
Mergers and acquisitions
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Empresas - Fusão e incorporação
Finanças
description What drives mergers and acquisitions decisions? Can an overconfidence bias affect decisions within the management team? This study complements recent work developed within the behavioral finance analyses of Mergers & Acquisitions and proposes the use of new variable to measure overconfidence. Using a sample of 8,895 takeover transactions completed by 993 CEOs in the United States – between 1992 and 2008 – it can be noticed that overconfident CEOs have 22% higher odds of engaging in corporate takeovers than rational CEOs.
publishDate 2010
dc.date.accessioned.fl_str_mv 2010-08-11T11:57:52Z
dc.date.available.fl_str_mv 2010-08-11T11:57:52Z
dc.date.issued.fl_str_mv 2010-05-31
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
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dc.identifier.citation.fl_str_mv BRESSANE, Bernardo Prôa. CEO overconfidence and the impact on M&A activity. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2010.
dc.identifier.uri.fl_str_mv https://hdl.handle.net/10438/6949
identifier_str_mv BRESSANE, Bernardo Prôa. CEO overconfidence and the impact on M&A activity. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2010.
url https://hdl.handle.net/10438/6949
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
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