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- W4387184209 abstract "Abstract We propose a novel multi‐factor metric of homophily between the CEOs of the acquirer and target firms as a causal determinant of mergers and acquisitions (M&As). We find strong evidence that higher homophily among the two CEOs increases the likelihood of M&A deal initiation and completion. When homophily is high, deals are more likely to be paid in cash, exhibit significantly larger long‐term value creation and are less subject to ex‐ante overpricing as measured by ex‐post goodwill write‐offs. These effects stem from similarity between CEOs creating trust, reducing information asymmetry and facilitating effective communication. Our approach resolves prior conflicting results on the effect of homophily on large corporate decisions and strongly indicates the need for a multi‐dimensional estimation of homophily to obtain conclusive results." @default.
- W4387184209 created "2023-09-30" @default.
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- W4387184209 date "2023-09-28" @default.
- W4387184209 modified "2023-10-06" @default.
- W4387184209 title "Homophily and Merger Dynamics" @default.
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- W4387184209 doi "https://doi.org/10.1111/1467-8551.12764" @default.
- W4387184209 hasPublicationYear "2023" @default.
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