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Published August 7, 2017 | Submitted
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The Hubris Hypothesis: Empirical Evidence

Abstract

The Hubris Hypothesis is grounded on a failure to adequately account for the winner's curse, which leads to overbidding. Surprisingly few papers have attempted to develop a direct empirical test of the presence of overbidding in M&A contests. We develop two such tests in this paper. Our results strongly support the existence of overbidding.

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August 22, 2023
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