NewsMine — cabal-elite — rich-payoffs — Viewing Item

Lucky CEOs mistakenly competent get big payoff { June 12 2008 } Original Source Link: (May no longer be active)    http://www.thaindian.com/newsportal/health/overconfident-ceos-underestimate-role-of-luck-in-mergers-acquisitions_10059225.html http://www.thaindian.com/newsportal/health/overconfident-ceos-underestimate-role-of-luck-in-mergers-acquisitions_10059225.html Overconfident CEOs underestimate role of luck in mergers, acquisitions June 12th, 2008 - 1:06 pm ICT by ANI Washington , June 12 (ANI): A new study on CEOs has found that many of them are overconfident about their own negotiating skills and overlook the element of luck in successful mergers, acquisitions, and other deals. Authored by Matthew T. Billett and Yiming Qian of the University of Iowa , the study, entitled Are Overconfident CEOs Born or Made? Evidence of Self-Attribution Bias from Frequent Acquirers, discusses how behavioural biases control how CEOs take important managerial decisions. The authors said that one of the most important decisions top managers have to make is whether they want to go ahead with mergers and acquisitions. And this decision is mainly based on financial metrics. However, they said that there is an increasing body of evidence that behavioural biases play an important role in managerial decision-making. Professors Billett and Zian based their results on a sample of public acquisitions between 1985 and 2002. In their study, they focussed on one such biasmanagerial overconfidenceand found evidence suggesting that CEOs develop overconfidence through self-attribution bias when making merger and acquisition decisions. Usually, those subject to self-attribution bias overcredit their role in bringing about good outcomes and underestimate the role of luck. Another finding which was consistent with this was that CEOs seems to overly attribute their role in successful deals, which makes them go for more deals even though these subsequent deals are value destructive. Evidence was also found that CEOs alter their stock holdings prior to deals in a pattern consistent with overconfidence in the outcome of these subsequent deals. However, the authors advised that CEOs should be particularly alert and disciplined while dealing with acquisitions following prior success. Also, Boards and other stakeholders should make certain that any proposed deal is evaluated on its own merits and not on the basis of prior CEO success in mergers and acquisitions. The study appears in the Management Insights feature in the current issue of Management Science, the flagship journal of the Institute for Operations Research and the Management Sciences (INFORMS). (ANI)

Affluent avoid scrutiny taxes American middle class are in danger { September 25 2007 } Billioniare says he pays less taxes than his secretary { June 28 2007 } Buffett bush tax plan unfair { May 5 2003 } Bush tax cut gives half million year to wealthy { April 5 2006 } Bush tax cuts benefited millionaires most Bush tax cuts raised taxes for middle class { April 9 2007 } Bush tax cuts shifted more burden to middle class Business favors gop 02 { November 27 2002 } Caribbean largest individual tax evasion in US history { April 18 2005 } Ceos getting millions dividends tax cut CEOs who outsource are paid better Clinton brags about qualifying for republican tax cuts Contracts awards post war iraq Cuts favor wealhty Death tax not big problem for farmers { July 10 2005 } Documentary shows growing wealth gap { February 21 2008 } Documented top 20 richest for 2005 Economy benefiting upper class { July 10 2006 } Election money { November 1 2002 } Exxonmobile ceo gets big bonus as profits soar Fannie mae manipulated earnings for ceo bonuses { October 15 2004 } Goldman sachs pays ceo record 40m Gop taxcuts favoring wealthy { May 3 2003 } Hard working americans stuck tax bill Huey long filibisters bills favoring rich Huffington paid little income tax { August 14 2003 } Income gap between rich and very rich increasing { November 27 2006 } Income gap steadily increased past 20 years { August 17 2004 } Instructive book forgives super elites { May 8 2008 } IRS audits may not catch wealthy cheats { September 2 2006 } Irs has become subsidy system for super wealthy americans { April 11 2004 } IRS jobs auditing wealthy americans cut { July 23 2006 } Irs toughens on wealthy tax cheats Lucky CEOs mistakenly competent get big payoff { June 12 2008 } Mega mansions built despite housing crisis { June 12 2008 } Reagan and bush pushed amt to middle class { March 4 2007 } Rep sanders taxes Richest 1perc earns 20 perc of all income { September 2007 } Richest are leaving even the rich far behind { June 5 2005 } Spending of the rich increases and poor decreases Super elites hideout remodels forest { May 18 2008 } Super rich { December 27 2002 } Tax breaks top one percent Tax burden shifts to the middle { August 13 2004 } Tax cheating continues says panel { October 20 2003 } Tax cut for rich { January 7 2003 } Tax cut helps cheney Tax cuts for the rich healthcare shaft for poor { May 24 2003 } Tax cuts for the wealthy dont stimulate jobs { July 7 2005 } Tax cuts to rich dont help economy { January 22 2008 } Tax law omits child credit { May 29 2003 } Thousands who earn over 200k avoid income tax Top earners pay no taxes { June 26 2003 } Top executives earnings increase 2005 { July 10 2006 } Tuition costs rise Wealthiest 20 percent get big breaks { August 17 2004 } Wealthy class is winning says buffett { March 7 2004 } World elites getting richer { August 26 2005 } Worlds poorest 50 percent own 1 percent wealth { December 5 2006 } Files Listed: 60

Correction/submissions

CIA FOIA Archive

National Security Archives

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information, go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purpose of your own that go beyond 'fair use', you must obtain permission from the copyright owner.