33 P.Hietalla,S.N.Kaplan,andD.T.Robinson,“WhatIsthe
Price of Hubris? Using Takeover Battles to Infer
OverpaymentsandSynergies,”workingpaper,Universityof
Chicago, 2000.
34 Richard Roll, “The Hubris Hypothesis of Corporate
Takeovers,”Journal of Business59 (1986): 97–216.
35 M.HaywardandD.Hambrick,“ExplainingthePremiums
Paid for Large Acquisitions: Evidence of CEO Hubris,”
AdministrativeScienceQuarterly 42 (1997):103–127.Every
additionalarticleinthemediapraisingtheCEOincreasedthe
acquisition premium by 1.6 percent.
36 Thismightwellreflectthefactthatfailuresofmergersof
equalsaremuchmorevisiblethanfailuresofthesmallfirm/
large firm combinations.
37 S.A.Christofferson,R.S.McNish,andD.L.Sias,“Where
Mergers Go Wrong,”McKinsey on Finance, Winter 2004.