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Hayward, M.L.A. and Hambrick, D.C. (1997) Explaining the Premiums Paid for Large Acquisitions: Evidence of CEO Hubris. Administrative Science Quarterly, 42, 103-127.
https://www.jstor.org/stable/2393810
https://doi.org/10.2307/2393810

has been cited by the following article:

• TITLE: Review of Managerial Overconfidence and Corporate Acquisition Goodwill Impairment Research

  AUTHORS: Haiting Weng

  KEYWORDS: Managerial Overconfidence, M & A Activities, Goodwill Impairment, M & A Premiums

  JOURNAL NAME: Open Journal of Social Sciences, Vol.8 No.1, January 14, 2020

  ABSTRACT: In recent years, the large amount of goodwill impairment caused by high-priced mergers and acquisitions has also aroused widespread discussion. Why do companies purchase at a high premium? What effect does a high premium have on the impairment of goodwill? With the development of behavioral finance, this article uses the perspective of overconfidence in this theory, and answers the above two questions by reviewing the domestic and foreign literature. We find that the overconfidence in management tends to form the overpayment in corporate acquisitions, and the overpayment is more likely to lead to the goodwill impairment. At last, this article also proposes future research directions and I hope it can provide theoretical references for future related research.