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Acquisition experience and the winner's curse in corporate acquisitions

Arroyabe, M. F.; Hussinger, Katrin - 2023

Persistent link: https://www.econbiz.de/10014382458

Serial Acquirer Bidding : An Empirical Test of the Learning Hypothesis

Aktas, Nihat - 2010

Recent academic studies indicate that acquirers' cumulative abnormal returns (CAR) decline from deal to deal in acquisitions programs. Does this pattern suggest hubristic CEO behaviors are significant enough to influence average CAR patterns during acquisitions programs? An alternative...

Persistent link: https://www.econbiz.de/10013150703

When firms learn from prior acquisition experience

Kolev, Kalin D.; Haleblian, Jerayr - In: Journal of organization design : JOD 7 (2018) 8, pp. 1-7

Acquisition experience is commonly viewed as an important determinant of subsequent acquisition success. Yet, empirical evidence suggests that acquisition experience may not be positively associated with acquisition performance and could even hurt performance. In this article, we highlight...

Persistent link: https://www.econbiz.de/10011933692

Stakeholder orientation and experiential learning : evidence from corporate acquisitions

Bettinazzi, Emanuele L. M.; Zollo, Maurizio - In: Journal of management studies : JMS 59 (2022) 6, pp. 1422-1459

Persistent link: https://www.econbiz.de/10013393436

Private value takeover auctions with toeholds : an experimental study

Dodonova, Anna; Khoroshilov, Yuri - In: Games 12 (2021) 2, pp. 1-10

This paper presents the results of an experimental study of takeover auctions with toeholds. Consistent with the theory …

Persistent link: https://www.econbiz.de/10012547676

Cross-game learning and cognitive ability in auctions

Giebe, Thomas; Ivanova-Stenzel, Radosveta; Kocher, Martin; … - 2021

Overbidding in second-price auctions (SPAs) has been shown to be persistent and associated with cognitive ability. We study experimentally to what extent cross-game learning can reduce overbidding in SPAs, taking into account cognitive skills. Employing an order-balanced design, we use...

Persistent link: https://www.econbiz.de/10012668312

Cross-game learning and cognitive ability in auctions

Giebe, Thomas; Ivanova-Stenzel, Radosveta; Kocher, Martin; … - 2022

Overbidding in sealed-bid second-price auctions (SPAs) has been shown to be persistent and associated with cognitive ability. We study experimentally to what extent cross-game learning can reduce overbidding in SPAs, taking into account cognitive skills. Employing an order-balanced design, we...

Persistent link: https://www.econbiz.de/10014476711

Learning and the Possibility of Losing Own Money Reduce Overbidding : Delayed Payment in Experimental Auctions

Zhang, Yu Yvette - 2017

received a cash endowment two weeks after the experiment day and had to use their own money to pay the experimental loss (if … any) on the experiment day. We compared the effect of delayed payment on overbidding in the induced value SPAs with the … conventional “on-the-spot” payment mechanism when the subjects received an endowment on the experiment day, and the prepaid …

Persistent link: https://www.econbiz.de/10012971336

Anxiety and Learning in Dynamic and Static Clock Game Experiments

Kang, Min Jeong - 2010

In clock games, agents receive differently-timed private signals when an asset value is above its fundamental. The price crashes to the fundamental when K of N agents have decided to sell. If selling decisions are private, bubbles can be sustained because people delay selling, after receiving...

Persistent link: https://www.econbiz.de/10013138044

Rationalizing (Non-)Equilibrium Bidding in Maximum-Value Auctions Without Beliefs About Others’ Behavior

Pezanis-Christou, Paul - 2019

We propose a novel approach to the modelling of second-price Maximum-Value auctions that assumes no belief about others' behavior and no expected profit maximization. This individual decision-making model, naïve Impulse Balance Equilibrium or nIBE, deals with bidders' anticipated regrets from...

Persistent link: https://www.econbiz.de/10012896753