shefrin行为公司金融课件Chap10.pptVIP

Chapter 10 MERGERS AND ACQUISITIONS Behavioral Corporate Finance by Hersh Shefrin The Winners Curse in MA Between 1991 and 2001, shareholders of acquiring firms lost $216 billion, thereby experiencing the winners curse. Disproportionate share traced to very large losses by a few acquirers during the period 1998 through 2001. Many of the large loss acquirers had been active acquirers prior to their large loss acquisitions, and the market values of their firms had been increasing. Optimistic, Overconfident Executives Hubris hypothesis. Excessively optimistic, overconfident CEOs Are describe