Li, Zhenlong; Guo, Jie; Andrikopoulos, Panagiotis - In: Review of Behavioral Finance 11 (2019) 1, pp. 70-97
Purpose: The purpose of this paper is to examine the misvaluation hypothesis using a relative reference point (RRP) in mergers and acquisitions (M&A) market. Design/methodology/approach: The paper studies 1,878 M&A deals in the US market announced between January 1985 and December 2014....