รหัสดีโอไอ 10.14457/CU.the.2006.1811
Title Acquirers' overconfidence : evidence from analysis' forecast
Creator Jindara Chalermchavalit
Contributor Manapol Ekkayokkaya
Publisher Chulalongkorn University
Publication Year 2006
Keyword Consolidation and merger of corporations ,Confidence
Abstract To provide an empirical evidence on the ultimate wealth effect of acquirers' overconfidence. Two important findings emerge. Firstly, merger and acquisition activities are value-creating investments for acquirer shareholders in the short-run as well as in the long-run. Secondly, the results indicate that firms are not overconfident when making the merger and acquisition decisions. This is inconsistent with the famous hypothesis by Roll (1986) that acquirers are overconfident in their ability to extract value from acquisition. Interestingly, there is no evidence of the market's overextrapolation hypothesized by Rau and Vermaelen (1998) either. Moreover, the findings are generally robust to alternative methods for estimating overconfidence.
URL Website cuir.car.chula.ac.th
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Jindara Chalermchavalit,Manapol Ekkayokkaya. (2006) Acquirers' overconfidence : evidence from analysis' forecast. Chulalongkorn University:ม.ป.ท.
Jindara Chalermchavalit,Manapol Ekkayokkaya. 2006. Acquirers' overconfidence : evidence from analysis' forecast. ม.ป.ท.:Chulalongkorn University;
Jindara Chalermchavalit,Manapol Ekkayokkaya. Acquirers' overconfidence : evidence from analysis' forecast. ม.ป.ท.:Chulalongkorn University, 2006. Print.