Various studies analyze the driving forces behind takeover activities, including investor sentiment, liquidity, and fundamental shocks. In this study, we examine how manager sentiment influences takeover characteristics and long-term performance using textual analysis of data in 10-K and 10-Q filings. Our findings identify that manager sentiment has strong positive predictive power for takeover activities, and high (positive) manager sentiment decreases the long-term performance of takeover deals. Moreover, we show that high-sentiment managers tend to undertake large deals, decrease all-stock transactions, acquire hard-to-value targets, and provide high target valuations, suggesting over-investment for underperforming high-sentiment deals.

中文翻译：

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经理情绪、交易特征和收购绩效

各种研究分析了收购活动背后的驱动力，包括投资者情绪、流动性和基本面冲击。在本研究中，我们通过对 10-K 和 10-Q 文件中的数据进行文本分析，研究经理情绪如何影响收购特征和长期绩效。我们的研究结果表明，经理情绪对收购活动具有很强的积极预测能力，而高（积极）的经理情绪会降低收购交易的长期绩效。此外，我们发现，高情绪管理人倾向于进行大宗交易，减少全股票交易，收购难以估值的目标，并提供较高的目标估值，这表明对表现不佳的高情绪交易进行了过度投资。