CEO Overconfidence and International Merger and Acquisition Activity by

CEO Overconfidence and International Merger and Acquisition Activity by

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by Stephen P. Ferris , Narayanan Jayaraman , Sanjiv Sabherwal

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Datum	Value	Source
TITLE	CEO Overconfidence and International Merger and Acquisition Activity by	SVM HeaderParse 0.2
AUTHOR NAME	Stephen P. Ferris	SVM HeaderParse 0.2
AUTHOR AFFIL	Department of Finance; University of Missouri-Columbia	SVM HeaderParse 0.2
AUTHOR NAME	Narayanan Jayaraman	SVM HeaderParse 0.2
AUTHOR AFFIL	College of Management; Georgia Institute of Technology	SVM HeaderParse 0.2
AUTHOR NAME	Sanjiv Sabherwal	SVM HeaderParse 0.2
AUTHOR AFFIL	Department of Finance and Real Estate; University of Texas at Arlington	SVM HeaderParse 0.2
ABSTRACT	and International Merger and Acquisition Activity This study examines the role that CEO overconfidence plays in an explanation of international mergers and acquisitions during the period 2000-2006. Using a sample of CEOs of Fortune Global 500 firms over our sample period, we document a number of demographic and national patterns in the global distribution of overconfident CEOs. We find that the Hofstede measures of national culture partially explain these geographical patterns in the dispersion of overconfident CEOs. We conclude that CEO overconfidence is an international phenomenon, although it is most extensively observed in younger individuals heading firms headquartered in Christian countries that encourage individualism while deemphasizing a long-term orientation in their national cultures. We also find that overconfidence is related to a number of aspects of merger activity. CEO overconfidence helps to explain the number of offers made by a CEO, the	SVM HeaderParse 0.2
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