Aktas, Nihat; Bodt, Eric de; Roll, Richard - Center for Operations Research and Econometrics … - 2007
Recent empirical papers report a declining trend in the cumulative abnormal return (CAR)of acquirers during an M&A program. Does this necessarily imply that acquiring CEOs areinfected by hubris and are not learning from previous mistakes? We first confirm theexistence of this declining trend on...