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The impact of weather-induced moods on M&A performance

Tunyi Tunyi Abongeh, Michael Machokoto Orcid Logo

Economics Letters, Volume: 207, Start page: 110011

Swansea University Author: Tunyi Tunyi Abongeh

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Abstract

Unpleasant weather induces negative moods and, consequently, increases managerial risk aversion. We conjecture that this weather-induced risk aversion leads to better M&A performance by constraining managerial hubris, over-confidence and over-payment for targets. Using a large UK sample, we docu...

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Published in: Economics Letters
ISSN: 0165-1765 1873-7374
Published: Elsevier BV 2021
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URI: https://cronfa.swan.ac.uk/Record/cronfa65104
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first_indexed 2023-11-26T10:52:06Z
last_indexed 2023-11-26T10:52:06Z
id cronfa65104
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spelling v2 65104 2023-11-26 The impact of weather-induced moods on M&amp;A performance eefe2792c8eed5b49feede33981dfa53 Tunyi Tunyi Abongeh Tunyi Tunyi Abongeh true false 2023-11-26 BAF Unpleasant weather induces negative moods and, consequently, increases managerial risk aversion. We conjecture that this weather-induced risk aversion leads to better M&A performance by constraining managerial hubris, over-confidence and over-payment for targets. Using a large UK sample, we document robust and significant heterogeneity in M&A performance conditional on the weather. Specifically, UK acquirers earn significant positive CARs from deals announced in unpleasant weather but negative CARs otherwise. Journal Article Economics Letters 207 110011 Elsevier BV 0165-1765 1873-7374 M&amp;A, Acquirers, Weather, Moods, Risk aversion, United Kingdom 31 10 2021 2021-10-31 http://dx.doi.org/10.1016/j.econlet.2021.110011 COLLEGE NANME Accounting and Finance COLLEGE CODE BAF Swansea University Not Required 2024-01-02T16:55:01.0668675 2023-11-26T10:51:28.4568090 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Tunyi Tunyi Abongeh 1 Michael Machokoto 0000-0001-8903-0019 2
title The impact of weather-induced moods on M&amp;A performance
spellingShingle The impact of weather-induced moods on M&amp;A performance
Tunyi Tunyi Abongeh
title_short The impact of weather-induced moods on M&amp;A performance
title_full The impact of weather-induced moods on M&amp;A performance
title_fullStr The impact of weather-induced moods on M&amp;A performance
title_full_unstemmed The impact of weather-induced moods on M&amp;A performance
title_sort The impact of weather-induced moods on M&amp;A performance
author_id_str_mv eefe2792c8eed5b49feede33981dfa53
author_id_fullname_str_mv eefe2792c8eed5b49feede33981dfa53_***_Tunyi Tunyi Abongeh
author Tunyi Tunyi Abongeh
author2 Tunyi Tunyi Abongeh
Michael Machokoto
format Journal article
container_title Economics Letters
container_volume 207
container_start_page 110011
publishDate 2021
institution Swansea University
issn 0165-1765
1873-7374
publisher Elsevier BV
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
url http://dx.doi.org/10.1016/j.econlet.2021.110011
document_store_str 0
active_str 0
description Unpleasant weather induces negative moods and, consequently, increases managerial risk aversion. We conjecture that this weather-induced risk aversion leads to better M&A performance by constraining managerial hubris, over-confidence and over-payment for targets. Using a large UK sample, we document robust and significant heterogeneity in M&A performance conditional on the weather. Specifically, UK acquirers earn significant positive CARs from deals announced in unpleasant weather but negative CARs otherwise.
published_date 2021-10-31T16:55:02Z
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score 11.037603

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