Journal article 182 views
The impact of weather-induced moods on M&A performance
Economics Letters, Volume: 207, Start page: 110011
Swansea University Author: Tunyi Tunyi Abongeh
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Abstract
Unpleasant weather induces negative moods and, consequently, increases managerial risk aversion. We conjecture that this weather-induced risk aversion leads to better M&A performance by constraining managerial hubris, over-confidence and over-payment for targets. Using a large UK sample, we docu...
Published in: | Economics Letters |
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ISSN: | 0165-1765 1873-7374 |
Published: |
Elsevier BV
2021
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URI: | https://cronfa.swan.ac.uk/Record/cronfa65104 |
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v2 65104 2023-11-26 The impact of weather-induced moods on M&A performance eefe2792c8eed5b49feede33981dfa53 Tunyi Tunyi Abongeh Tunyi Tunyi Abongeh true false 2023-11-26 BAF Unpleasant weather induces negative moods and, consequently, increases managerial risk aversion. We conjecture that this weather-induced risk aversion leads to better M&A performance by constraining managerial hubris, over-confidence and over-payment for targets. Using a large UK sample, we document robust and significant heterogeneity in M&A performance conditional on the weather. Specifically, UK acquirers earn significant positive CARs from deals announced in unpleasant weather but negative CARs otherwise. Journal Article Economics Letters 207 110011 Elsevier BV 0165-1765 1873-7374 M&A, Acquirers, Weather, Moods, Risk aversion, United Kingdom 31 10 2021 2021-10-31 http://dx.doi.org/10.1016/j.econlet.2021.110011 COLLEGE NANME Accounting and Finance COLLEGE CODE BAF Swansea University Not Required 2024-01-02T16:55:01.0668675 2023-11-26T10:51:28.4568090 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Tunyi Tunyi Abongeh 1 Michael Machokoto 0000-0001-8903-0019 2 |
title |
The impact of weather-induced moods on M&A performance |
spellingShingle |
The impact of weather-induced moods on M&A performance Tunyi Tunyi Abongeh |
title_short |
The impact of weather-induced moods on M&A performance |
title_full |
The impact of weather-induced moods on M&A performance |
title_fullStr |
The impact of weather-induced moods on M&A performance |
title_full_unstemmed |
The impact of weather-induced moods on M&A performance |
title_sort |
The impact of weather-induced moods on M&A performance |
author_id_str_mv |
eefe2792c8eed5b49feede33981dfa53 |
author_id_fullname_str_mv |
eefe2792c8eed5b49feede33981dfa53_***_Tunyi Tunyi Abongeh |
author |
Tunyi Tunyi Abongeh |
author2 |
Tunyi Tunyi Abongeh Michael Machokoto |
format |
Journal article |
container_title |
Economics Letters |
container_volume |
207 |
container_start_page |
110011 |
publishDate |
2021 |
institution |
Swansea University |
issn |
0165-1765 1873-7374 |
publisher |
Elsevier BV |
college_str |
Faculty of Humanities and Social Sciences |
hierarchytype |
|
hierarchy_top_id |
facultyofhumanitiesandsocialsciences |
hierarchy_top_title |
Faculty of Humanities and Social Sciences |
hierarchy_parent_id |
facultyofhumanitiesandsocialsciences |
hierarchy_parent_title |
Faculty of Humanities and Social Sciences |
department_str |
School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance |
url |
http://dx.doi.org/10.1016/j.econlet.2021.110011 |
document_store_str |
0 |
active_str |
0 |
description |
Unpleasant weather induces negative moods and, consequently, increases managerial risk aversion. We conjecture that this weather-induced risk aversion leads to better M&A performance by constraining managerial hubris, over-confidence and over-payment for targets. Using a large UK sample, we document robust and significant heterogeneity in M&A performance conditional on the weather. Specifically, UK acquirers earn significant positive CARs from deals announced in unpleasant weather but negative CARs otherwise. |
published_date |
2021-10-31T16:55:02Z |
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1786998426681999360 |
score |
11.021648 |