The behavioral finance literature attributes failed M&As to CEO overconfidence. We investigate the source of CEO overconfidence that leads to failed M&As. Among various determinants of CEO overconfidence, we propose that power-led CEO overconfidence delivers undesirable consequences in corporate...

In this paper, we examine whether the presence of ex-military board directors affects firms' financial policies and ethical behavior in Korea, a country where the military has a unique historical role in society. Despite prolonged exposure to military rule during their formative years, firms...