CEO Overconfidence and International Merger and Acquisition Activity
研究了2000-2006年间财富全球500强企业CEO的过度自信如何影响国际并购决策，包括出价次数、并购类型和融资方式，并发现过度自信在鼓励个人主义的基督教国家中更为普遍。
Abstract This study examines the role that chief executive officer (CEO) overconfidence plays in an explanation of international mergers and acquisitions during the period 2000–2006. Using a sample of CEOs of Fortune Global 500 firms over our sample period, we find that CEO overconfidence is related to a number of critical aspects of international merger activity. Overconfidence helps to explain the number of offers made by a CEO, the frequencies of nondiversifying and diversifying acquisitions, and the use of cash to finance a merger deal. Although overconfidence is an international phenomenon, it is most extensively observed in individuals heading firms headquartered in Christian countries that encourage individualism while de-emphasizing long-term orientation in their national cultures.