行為學習理論是否能夠解釋過去連續成功併購導致的管理階層過度自信呢？ 本研究旨在針對CEO對合併的動機，以行為學習理論的觀點，提出新的解釋方式。本文發現CEO擁有愈多連續成功合併經驗，於未來再進行併購的可能性較高，顯示CEO會因為過去連續優異的合併績效，而對繼續併購的決策愈有自信。然而，研究結果也發現CEO擁有愈多連續成功經驗，未來併購的宣示效果愈差，此顯示市場對連續成功併購之後的反應不佳，此證據顯示過去併購的成功經驗導致CEO過度自信。

Does the behavioral learning theory could help to explain the overconfidence CEO that decided by past good performance? This study was designed to explain the motivation of merger for the CEO with the behavior learning, and explain it the other way. This study find the CEO with more past good performance experience will be more overconfidence and they prefer to make a merger to raise their performance, even they have many obstacles or restrict on the development. Therefore, this result also find that CEO with more good experience , the investors react significantly more negatively .

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