您所在位置网站首页 > 海量文档  > 专业论文 > 综合论文

Quasi - Rationality in Action:A Study ofpsychological factors in merger decision-making.doc 128页

本文档一共被下载: ,您可全文免费在线阅读后下载本文档。

  • 支付并下载
  • 收藏该文档
  • 百度一下本文档
  • 修改文档简介


特别说明: 下载前务必先预览,自己验证一下是不是你要下载的文档。
  • 上传作者 zhangningclb(上传创作收益人)
  • 发布时间:2018-06-13
  • 需要金币400(10金币=人民币1元)
  • 浏览人气
  • 下载次数
  • 收藏次数
  • 文件大小:255.5 KB
Quasi - Rationality in Action:A Study ofpsychological factors in merger decision-making QUASI-RATIONALITY IN ACTION: A STUDY OFPSYCHOLOGICAL FACTORS IN MERGER DECISION-MAKINGby*James A. FantoThis Article shows how recent behavioral and psychological literature is usefulfor understanding merger decision-making by conducting a psychologically-oriented empiricalstudy that reveals the presence of psychological motivations or factors in mega-merger decision-making. The data set is the 7><10 largest stock-for-stock mega-mergers for each of the last threeyears–the heyday of the mega-mergers. It first situates the Article in an ongoing study of themega-merger “wave” and presents the necessary behavioral and psychological background tothe empirical study. It next describes the method of the study, which involves creating a “grid”of psychological factors and applying it to public representations of decisions by the boards ofthe merging firms in the data set, in order to detect the presence of the factors in this decision-making. It then presents the results of the empirical study and offers a narrative explanation ofthem. To reinforce the shareholder value destruction in the mega-mergers, the Article alsoprovides evidence of value loss in the 30 mega-mergers. Finally, it discusses the implications ofthe empirical study for corporate and securities law relating to mega-merger decision-making. Here it finds that courts and policy-makers accept a psychologically simplistic 6><#00aa00'>view of thisdecision-making by both boards of directors and shareholders. It also argues that bothcorporate law and federal securities laws require reform so that regulators and courts canaddress the influence of psychological factors in merger decision-making. The Article concludesby offering examples of possible legal reform.I.INTRODUCTION2II.AN ONGOING STUDY OF MEGA-MERGERS6III.A (PARTIAL) REVIEW OF THE BEHAVIORAL AND PSYCHOLOGICAL LITERATURE..9IV.METHOD AND DATA<16V.TABULAR RESULTS AND


用户名: 验证码: 点击我更换图片

©2010-2013 max.book118.com在线文档投稿赚钱网. All Rights Reserved 蜀ICP备08101938号 经营许可证:川B2-20180569