National Culture and Takeover Contest Outcomes

Magnus Blomkvist, Karl Felixson, Timo Korkeamäki

Forskningsoutput: TidskriftsbidragArtikelVetenskapligPeer review

3 Citeringar (Scopus)


We examine the effects of cultural differences on the outcome of takeover contests. Our main focus is on individuality, which we posit to have an effect on firm behavior in international takeover contests. In a sample of international acquisitions with bidders from multiple countries, we find that individuality positively relates to the probability of placing the winning bid. We further find that takeover contest winners with high individuality scores experience lower announcement returns. Our results are consistent with the literature that links individuality to overconfidence. Our evidence suggests that firms should control culture‐related behavioral biases in their mergers and acquisitions activity.
Referentgranskad vetenskaplig tidskriftThe Financial Review
Sidor (från-till)605-625
Antal sidor21
StatusPublicerad - 15.07.2018
MoE-publikationstypA1 Originalartikel i en vetenskaplig tidskrift


  • 511 Nationalekonomi
  • 512 Företagsekonomi


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