题目: Hubris amongst Japanese Bidders
演讲者： Bing-Xuan Lin
College of Business Administration
University of Rhode Island
时间: 2006年6月1日（星期四）9：00—10：30 AM
地点: 嘉庚二513
参加者: 对财务研究有兴趣的广大师生
主持人： 屈文洲老师
报告论文摘要:
We consider the issue of hubris in the Japanese mergers and acquisitions (M&A) market.
Although prior research suggests that hubris should be and is less severe in the Japanese
market, our findings suggest that it still has a significant presence. Using past (excess)
market return as a proxy for the likelihood of hubris, we find that high hubris bidders
frequently have negative event period abnormal returns, while low hubris bidders have
positive event period abnormal returns. Our results are consistent with hubris hypothesis
where over-confident managers may engage in value-destroying M&A.
