184 M. Baker et al.
Lyon, R., Barber, B.M., Tsai, C.-L., 1999. Improved methods for tests of long-run abnormal stock returns.
Journal of Finance 54, 165–201.
Malkiel, B., 1990. A Random Walk Down Wall Street. W.W. Norton, New York.
Malmendier, U., Tate, G., 2005. CEO overconfidence and corporate investment. Journal of Finance, in press.
Malmendier, U., Tate, G., 2006. Who makes acquisitions? CEO overconfidence and the market’s reaction.
Working Paper, University of California, Berkeley, CA.
Manove, M., Padilla, A.J., 1999. Banking (conservatively) with optimists. RAND Journal of Economics 30,
324–350.
March, J.G., Shapira, Z., 1987. Managerial perspectives on risk and risk taking. Management Science 33,
1404–1418.
Marsh, P., 1982. The choice between equity and debt: An empirical study. Journal of Finance 37, 121–144.
Matsusaka, J.G., 1993. Takeover motives during the conglomerate merger wave. RAND Journal of Eco-
nomics 24, 357–379.
Merrow, E.W., Phillips, K.E., Myers, C.W., 1981. Understanding cost growth and performance shortfalls in
pioneer process plants. Rand, Santa Monica, CA.
Mikkelson, W.H., Partch, M., Shah, K., 1997. Ownership and operating performance of companies that go
public. Journal of Financial Economics 44, 281–307.
Miller, E.M., 1977. Risk, uncertainty, and divergence of opinion. Journal of Finance 32, 1151–1168.
Mitchell, M.L., Stafford, E., 2000. Managerial decisions and long-term stock price performance. Journal of
Business 73, 287–330.
Modigliani, F., Miller, M.H., 1958. The cost of capital, corporation finance, and the theory of investment.
American Economic Review 48, 655–669.
Moeller, S., Schlingemann, F., Stulz, R., 2005. Wealth destruction on a massive scale? A study of acquiring-
firm returns in the recent merger wave. Journal of Finance 60, 757–782.
Morck, R., Shleifer, A., Vishny, R.W., 1990a. Do managerial objectives drive bad acquisitions? Journal of
Finance 45, 31–48.
Morck, R., Shleifer, A., Vishny, R.W., 1990b. The stock market and investment: Is the market a sideshow?
Brookings Papers on Economic Activity 2, 157–215.
Moskowitz, T.J., Vissing-Jorgensen, A., 2002. The returns to entrepreneurial investment: A private equity
premium puzzle? American Economic Review 92, 745–778.
Muelbroek, L., 1992. An empirical analysis of illegal insider trading. Journal of Finance 47, 1661–1699.
Myers, S.C., 1977. Determinants of corporate borrowing. Journal of Financial Economics 5, 147–175.
Myers, S.C., Majluf, N.S., 1984. Corporate financing and investment decisions when firms have information
that investors do not have. Journal of Financial Economics 13, 187–221.
Ofek, E., Richardson, M., 2003. DotCom mania: The rise and fall of internet stocks. Journal of Finance 58,
1113–1138.
Oyer, P., Schaeffer, S., 2005. Why do some firms give stock to all employees? An empirical examination of
alternative theories. Journal of Financial Economics 76, 99–133.
Pagano, M., Panetta, F., Zingales, L., 1998. Why do companies go public? An empirical analysis. Journal of
Finance 53, 27–64.
Panageas, S., 2004. Speculation, overpricing, and investment: Theory and empirical evidence. Working Paper,
University of Pennsylvania.
Polk, C., Sapienza, P., 2004. The real effects of investor sentiment. NBER Working Paper No. 10563.
Pontiff, J., Schall, L.D., 1998. Book-to-market ratios as predictors of market returns. Journal of Financial
Economics 49, 141–160.
Porter, M.E., 1987. From competitive advantage to corporate strategy. Harvard Business Review 65, 43–59.
Pshisva, R., Suarez, G.A., 2004. Earnings management and stock market-driven acquisitions: Evidence from
the 1990s. Working Paper, Harvard University.
Ravenscraft, D.J., Scherer, F.M., 1987. Mergers, Sell-Offs, and Economic Efficiency. Brookings Institution,
Washington, DC.
Rau, P.R., Vermaelen, T., 1998. Glamour, value and the post-acquisition performance of acquiring firms.
Journal of Financial Economics 49, 223–253.