When Overconfident CEOs Deliver Higher Returns: Evidence From Acquisition Waves
Published online on February 08, 2026
Abstract
Journal of Management, Ahead of Print.
Overconfident CEOs are frequently criticized for making value-destroying corporate acquisitions in which they acquire excessively and overpay for their acquisitions. By contrast, we argue that overconfident CEOs can deliver higher returns in acquisition ...
Overconfident CEOs are frequently criticized for making value-destroying corporate acquisitions in which they acquire excessively and overpay for their acquisitions. By contrast, we argue that overconfident CEOs can deliver higher returns in acquisition ...