Managerial decision, anchoring effects and acquisition premiums

Sun, Yi; Xu, Shuaiqi; Wang, Yin

doi:10.1016/j.frl.2023.104480

Finance Research Letters

2023

DOI: 10.1016/j.frl.2023.104480

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Managerial decision, anchoring effects and acquisition premiums

Yi Sun,

Shuaiqi Xu,

Yin Wang

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2024

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Cited by 3 publications

(1 citation statement)

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“…Due to time constraints preventing accurate calculation, participants' estimates were influenced by the initial numbers, leading to median estimates of 512 for ascending and 2250 for descending sequences, showcasing the anchoring effect (the actual product is 40320). Further research has confirmed the anchoring effect's pervasive role in various decisionmaking processes [27,28]. Studies on anchoring typically examine numerical estimates, beliefs, and stated preferences, revealing the challenge in circumventing anchoring bias [29][30][31][32].…”

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Multifactorial effects on bounded rational decision-making

Han,

2024

EPL

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Conventional models of decision-making are predicated upon the notion of rational deliberation. However, empirical evidence has increasingly highlighted the pervasive role of bounded rationality in shaping decisional outcomes. The manifestation of bounded rationality is evident through a spectrum of cognitive biases and heuristics, including but not limited to anchoring, availability, the decoy effect, herd behavior, and the nuanced dynamics of reward and punishment, as well as the implications of weighting and framing effects. This prospective study is dedicated to a comprehensive exploration of such multiple factors together with their impacts to the architecture and functionality of decision-making processes, and their further research potentials as well.

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confidence: 99%

Multifactorial effects on bounded rational decision-making

Han,

2024

EPL

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Market timing with moving average distance: International evidence

Abudy,

Kaplanski,

Mugerman

2024

Journal of International Financial Markets, Institutions and Mo

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Anchoring effect in corporate social behaviors: evidence from donations and pollution

Li,

Wang

2024

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PurposeThis paper examines the role of the anchoring effect, including internal anchor formed by prior experience or external anchor produced by similar external practices of industrial competitors and investor networks in the decision-making of corporate social behaviors (CSBs).Design/methodology/approachThis paper sets corporate donations and pollution as examples of CSBs, and conducts an empirical study through the data of A-share listed companies between 2010 and 2020 in China.FindingsThis paper found that both internal and external anchoring effects exist in CSBs. In addition, when internal and external anchors appear simultaneously, they will have the same intensity and promote each other.Originality/valueThis paper not only adds to the literature on the motives for CSBs and links cognitive and social psychology with strategic decisions but also has managerial implications for firms and managers.

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Managerial decision, anchoring effects and acquisition premiums

Cited by 3 publications

References 20 publications

Multifactorial effects on bounded rational decision-making

Multifactorial effects on bounded rational decision-making

Market timing with moving average distance: International evidence

Anchoring effect in corporate social behaviors: evidence from donations and pollution

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