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  • 1.
    Hartwig, Fredrik
    et al.
    University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies, Business administration.
    Landström, Mats
    University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies, Economics.
    Sörqvist, Patrik
    University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies.
    Averaging bias in firm acquisition processes2022In: Journal of Behavioral and Experimental Economics, ISSN 2214-8043, E-ISSN 2214-8051, Vol. 96, article id 101809Article in journal (Refereed)
    Abstract [en]

    When a firm acquires 100% of the shares in another firm and finances this acquisition with available funds, the debt level and return on equity of the two firms in combination goes up (under certain conditions). In three experiments, we empirically demonstrate that individuals intuitively think these variables become lower after the acquisition, contrary to what is actually the case. The findings stress the role of psychological processes in business valuation and accounting and are consistent with an averaging account of judgment under uncertainty. On this view, people's judgments of objects in combination are biased toward the average rather than the sum of the objects’ individual characteristics. The experiments also show that informing the participants of the accurate evaluations removes the bias. The third experiment reinforced these results by replicating the same pattern with a sample of “high-accounting literacy” participants who all reported formal university training in accounting. One takeaway of the study is that, in acquisition settings, investors potentially could base their assessment of firm value on false premises which in turn (at least in the short run) leads to a higher level of asset mispricing and a less efficient capital market.

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    Averaging bias in firm acquisition processes
  • 2.
    Landström, Mats
    University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies, Economics.
    Do Central Bank Independence Reforms Matter for Inflation Performance?2011In: International Journal of Banking, Accounting and Finance, ISSN 1755-3830, E-ISSN 1755-3849, Vol. 3, no 4, p. 320-335Article in journal (Refereed)
    Abstract [en]

    A difference-in-difference approach was used to investigate whether central bank independence (CBI) reforms matter for inflation, based on a novel dataset including the possible occurrence of such reforms in 132 countries during the period 1980 to 2005. CBI-reforms are found to have contributed to bringing down high inflation rates where those existed, but they seem unrelated to performance in low-inflation countries

  • 3.
    Landström, Mats
    University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies, Economics.
    Skatteplanering ur ett nationalekonomiskt perspektiv2018In: Rättsliga och ekonomiska reflektioner över internationell skatteplanering / [ed] Lind, Y., Uppsala: Iustus förlag, 2018, 1, p. 44-59Chapter in book (Other academic)
1 - 3 of 3
CiteExportLink to result list
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  • ieee
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  • vancouver
  • Other style
More styles
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  • sv-SE
  • en-GB
  • en-US
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