The vicarious wisdom of crowds: toward a behavioral perspective on investor reactions to acquisition announcements

• 成果类型: Review
• 署名作者: Schijven, Mario; Hitt, Michael A.
• 署名单位: Texas A&M University System; Texas A&M University College Station; Mays Business School
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.1984
• 发表日期: 2012
• 页码: 1247-1268
• 关键词: Behavioral theory; INVESTOR REACTIONS; management perceptions; acquisition premium; Event-study methodology

摘要

Although event-study methodology is invaluable to strategic management research, we argue that the traditional financial economic rationale on which it is based has led scholars to assume away the behavioral mechanisms underlying investor reactions. Building on behavioral theory from management, psychology, and economics, we set out to develop a behavioral perspective on investor reactions to acquisition announcementsone that relaxes the assumption of investors making objective, rational-deductive calculations. Given the information asymmetry they face, we theorize that investors (1) infer management's perception of an acquisition's synergistic potential from the premium it pays, and (2) draw on additional public information to assess the reliability of that perception. Using a multi-industry sample of acquisitions by North American firms, we find considerable support for our behavioral framework. Copyright (C) 2012 John Wiley & Sons, Ltd.