Buy high, sell low: Why CEOs kiss toads, and how shareholders get warts
分析CEO在并购中做出糟糕决策的原因，指出收购常导致收购方长期盈利能力下降，且CEO的傲慢是重要因素。
Executive Overview The article focuses on poor decision making of chief executive officers (CEO) in business acquisitions. It states that evidence suggests acquisitions result in declines in the long-term profitability of the acquiring organization. It mentions that the acquisition of an underperforming organization often is for higher than its market value. It suggests that a reason for CEOs to make bad decisions in acquisitions is CEO hubris. It comments that the decision to acquire another firm often has less to do with a firm's financial performance and more on the perceptions of the CEO about how successful the acquisition will be under his management.