Sticky Decisions: Anchoring and Equity Stakes in International Acquisitions
研究提出锚定效应视角解释国际收购中的股权比例决策，发现高管会参考他人近期决策，且该效应在信息不足时更强，在CEO过度自信时更弱。
This study proposes an anchoring perspective on international equity ownership decisions. Given the complex, uncertain nature of such decisions, we recognize the potential for heuristics such as anchoring to replace time-consuming and information-intensive analyses; specifically, top managers might draw on the recent international equity ownership decisions of others to determine how much equity stake to purchase in foreign target firms. Drawing on standard regression methods and more recently developed hedonic regression techniques, this study reveals some systematic effects of anchoring in international equity ownership decisions. Anchoring is more likely when international acquisitions occur under informational deficiencies in genuinely uncertain settings but less likely when the acquiring firms are managed by overconfident CEOs.