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CEO Narcissism and the Takeover Process: From Private Initiation to Deal Completion
Nihat Aktas
Skema Business School
Eric De Bodt
Université Lille Nord de France - SKEMA Business School
Helen Bollaert
Skema Business School
Richard Roll
University of California, Los Angeles (UCLA) - Finance Area
May 23, 2012
AFA 2012 Chicago Meetings Paper
Abstract:
CEO narcissism affects the M&A process. More narcissistic target CEOs obtain higher bid premiums. Acquirer shareholders react less favorably to a takeover announcement when the target CEO is more narcissistic. Among acquiring CEOs, narcissism is associated with initiating deals and negotiating faster. Higher narcissism in both target and acquirer CEOs is associated with a lower probability of deal completion. Our results highlight also the importance of the target to acquirer CEOs relative level of narcissism. To obtain these results, narcissism is measured by the prevalence of personal pronoun usage in more than 1,700 transcripts of CEO speech.
(revised version)
Number of Pages in PDF File: 42
Keywords: mergers and acquisitions, takeover process, CEO, narcissism, hubris, overconfidence
JEL Classification: G34
working papers series
Download This Paper
Date posted: March 14, 2011
; Last revised: May 24, 2012
Suggested CitationAktas, Nihat, De Bodt, Eric, Bollaert, Helen and Roll, Richard W., CEO Narcissism and the Takeover Process: From Private Initiation to Deal Completion (May 23, 2012). AFA 2012 Chicago Meetings Paper . Available at SSRN: http://ssrn.com/abstract=1784322 or http://dx.doi.org/10.2139/ssrn.1784322
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