Anchoring on the acquisition premium decisions of others
研究了锚定效应在企业收购溢价决策中的作用，发现决策者会受同一市场先前收购溢价的影响，尤其当先前的收购更近期、规模相似、目标市场为国外或收购方经验不足时。
Anchoring is a ubiquitous heuristic by which decision makers heavily rely on a piece of information (anchor) that appears prior to a decision. Yet, we know little about its role in strategic decisions. This study considers its influence on acquisition premiums by examining whether a focal premium decision may be anchored on the premium that another firm paid for the acquisition that directly preceded the focal acquisition in the same market because it presents a salient and compatible premium to decision makers. Our results support this premise, particularly when preceding acquisitions happened more recently and were similar in size to the focal deals, when focal deals were in a foreign market, and when acquirers lacked acquisition experience in the target market or had a higher acquisition rate . Copyright © 2014 John Wiley & Sons, Ltd.