Deal or no deal / Maurice Levi in Management science, Vol. 56 N° 9 (Septembre 2010)  

Public ISBD [article]  inManagement science > Vol. 56 N° 9 (Septembre 2010) . - pp. 1462-1483 Titre : Deal or no deal : Hormones and the mergers and acquisitions game Type de document : texte imprimé Auteurs : Maurice Levi, Auteur ; Kai Li, Auteur ; Feng Zhang, Auteur Année de publication : 2010 Article en page(s) : pp. 1462-1483 Note générale : Management Langues : Anglais (eng) Mots-clés : Mergers and acquisitions Male dominance seeking CEO testosterone Bid initiation withdrawal Tender offers Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Young male CEOs appear to be combative: they are 4% more likely to be acquisitive and, having initiated an acquisition, they are over 20% more likely to withdraw an offer. Furthermore, a young target male CEO is 2% more likely to force a bidder to resort to a tender offer. We argue that this combative nature is a result of testosterone levels that are higher in young males. Testosterone, a hormone associated with male dominance seeking, has been shown to influence prospects for a cooperative outcome of the ultimatum game. Specifically, high-testosterone responders tend to reject low offers even though this is against their interest. It has been argued that this is consistent with a low offer being seen as dominance seeking. The acts of attempting or resisting an acquisition can be viewed as striving to achieve dominance. We argue that the evidence reported in this paper is consistent with the presence of a significant hormone effect in mergers and acquisitions. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/9/1462 [article] Deal or no deal : Hormones and the mergers and acquisitions game [texte imprimé] / Maurice Levi, Auteur ; Kai Li, Auteur ; Feng Zhang, Auteur . - 2010 . - pp. 1462-1483. Management Langues : Anglais (eng) in Management science > Vol. 56 N° 9 (Septembre 2010) . - pp. 1462-1483 Mots-clés : Mergers and acquisitions Male dominance seeking CEO testosterone Bid initiation withdrawal Tender offers Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Young male CEOs appear to be combative: they are 4% more likely to be acquisitive and, having initiated an acquisition, they are over 20% more likely to withdraw an offer. Furthermore, a young target male CEO is 2% more likely to force a bidder to resort to a tender offer. We argue that this combative nature is a result of testosterone levels that are higher in young males. Testosterone, a hormone associated with male dominance seeking, has been shown to influence prospects for a cooperative outcome of the ultimatum game. Specifically, high-testosterone responders tend to reject low offers even though this is against their interest. It has been argued that this is consistent with a low offer being seen as dominance seeking. The acts of attempting or resisting an acquisition can be viewed as striving to achieve dominance. We argue that the evidence reported in this paper is consistent with the presence of a significant hormone effect in mergers and acquisitions. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/9/1462

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