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Biais cognitifs du dirigeant, conséquences et facteurs de renforcement lors de fusions-acquisitions:synthèse et illustrations

Michel Barabel () and Olivier Meier ()
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Olivier Meier: Université de Paris 12

Revue Finance Contrôle Stratégie, 2002, vol. 5, issue 1, 5-42

Abstract: Mergers and acquisitions generally lead to disappointing results. In this article, we give a complementary explanation of these bad results by focusing on a specific actor:the CEO of the purchasing company. In particular, this research addresses two questions:(1) What mistakes (related to cognitive biases) are made by the managers of purchasing companies during mergers and acquisitions ? (2) Given the context and characteristics of specific acquisitions, what factors increase the risk of mistakes by managers ?

Keywords: cognitive bias; dysfonctional cognitive processes; managerial mistakes; mergers and acquisitions (search for similar items in EconPapers)
JEL-codes: G34 L10 M20 (search for similar items in EconPapers)
Date: 2002
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