本研究採用2011至2017年間429家台灣上市公司作為樣本，探討經理人過度自信與併購間之關聯性，並進一步觀察併購後是否能為股東創造效益。本研究藉由報紙媒體針對經理人之評論來判斷其是否過度自信。研究結果顯示，擁有過度自信經理人之企業較理性經理人之企業進行併購的機率高。此外，過度自信經理人主導之併購於三天期宣告效果表現較佳，本文認為其乃因市場接收媒體對於過度自信經理人之正面積極評論，進而對該併購過度樂觀。然於後續一季中，該績效呈現大幅修正，整體波動大於理性經理人主導之併購。長期而言，過度自信經理人主導之併購產生之買進持有異常報酬較高。本文認為長期來看，過度自信經理人之管理能力充分改善合併後企業之經營績效，而為股東創造額外效益。

This thesis analyzes a sample of 429 Taiwan listed companies between 2011 and 2017 to examine the relevance between managerial overconfidence and corporate M&A decision. A manager is classified as overconfident if the press portrayals of whom include more positive keywords than neutral or negative ones. Empirical results show that there is a significantly positive relationship between overconfident manager and acquisition activities, according to the logistic regression analysis. It implies that the companies with overconfident mangers are more likely to conduct acquisitions than the companies with rational ones.
Also, the thesis investigates the impact of managerial overconfidence to post-acquisition performance. I measure the short-run market reactions to the bid and long-run post-acquisition performance using event study methodology. According to the results of multiple regression analysis, the relevance between managerial overconfidence and acquisition announcement effect is not strongly significant. However, we could find that average cumulative abnormal returns of overconfident mangers’ acquisition fluctuate more dramatically than those conducted by rational managers. As for the long-term performance, managerial overconfidence is slightly and positively related with long-run post-acquisition performance. It indicates that overconfident manager perform great managerial ability in merged company and create firm value as time passed.

丁憲浩 、胡聯國 、莊雙喜 (2007) 。 企業併購確實能為股東創造更多利益嗎 ? 績效 與策略研究， 與策略研究， 4(3) ， 1-13 。
李春玲 (2013) 。 管理者過度自信對企業併購績效影響研究 。 燕山大學 報（哲燕山大學 報（哲社會科學版） 社會科學版） ，14 (4 ）， 118 。
Alicke, M. D. (1985). Global self-evaluation as determined by the desirability and controllability of trait adjectives. Journal of personality and social psychology, 49(6), 1621.
Alicke, M. D., Klotz, M. L., Breitenbecher, D. L., Yurak, T. J., & Vredenburg, D. S. (1995). Personal contact, individuation, and the better-than-average effect. Journal of personality and social psychology, 68(5), 804.
Asquith, P. (1983). Merger bids, uncertainty, and stockholder returns. Journal of financial Economics, 11(1-4), 51-83.
Ben-David, I., Graham, J. R., & Harvey, C. R. (2007). Managerial overconfidence and corporate policies.
Ferris, S. P., Jayaraman, N., & Sabherwal, S. (2013). CEO overconfidence and international merger and acquisition activity. Journal of Financial and Quantitative Analysis, 48(1), 137-164.
Langer, E. J. (1975). The illusion of control. Journal of personality and social psychology, 32(2), 311.
Larwood, L., & Whittaker, W. (1977). Managerial myopia: Self-serving biases in organizational planning. Journal of applied psychology, 62(2), 194.
Lin, Y.-h., Hu, S.-y., & Chen, M.-s. (2005). Managerial optimism and corporate investment: Some empirical evidence from Taiwan. Pacific-Basin Finance Journal, 13(5), 523-546.
Liu, Y. (2009). CEO narcissism in M&A decision-making and its impact on firm performance. (Doctoral dissertation), The University of Edinburgh, Scotland, United Kingdom.
Malmendier, U., & Tate, G. (2005a). CEO overconfidence and corporate investment. The Journal of finance, 60(6), 2661-2700.
Malmendier, U., & Tate, G. (2005b). Does overconfidence affect corporate investment? CEO overconfidence measures revisited. European Financial Management, 11(5), 649-659.
Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of financial Economics, 89(1), 20-43.
Masulis, R. W., Wang, C., & Xie, F. (2007). Corporate governance and acquirer returns. The Journal of finance, 62(4), 1851-1889.
Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of financial Economics, 73(2), 201-228.
Morck, R., Shleifer, A., & Vishny, R. W. (1990). Do managerial objectives drive bad acquisitions? The Journal of finance, 45(1), 31-48.
Newbould, G. D., & Luffman, G. (1978). Successful business policies: Cower Press.
Officer, M. S., Poulsen, A. B., & Stegemoller, M. (2008). Target-firm information asymmetry and acquirer returns. Review of Finance, 13(3), 467-493.
Piskula, T. J. (2011). Governance and merger activity in banking. Journal of Business & Economic Studies, 17(1), 1-15.
Popli, M., & Sinha, A. K. (2014). Determinants of early movers in cross-border merger and acquisition wave in an emerging market: A study of Indian firms. Asia Pacific Journal of Management, 31(4), 1075-1099.
Puri, M., & Robinson, D. T. (2007). Optimism and economic choice. Journal of financial Economics, 86(1), 71-99.
Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of business, 197-216.
Shu, P.-G., Yeh, Y.-H., Chiou, C.-L., & Wang, W.-T. (2013). Managerial Overconfidence, the Odds of Completing a Merger, and Post-Merger Performance. Review of Securities and Futures Markets, 25(2), 129-160.
Travlos, N. G. (1987). Corporate takeover bids, methods of payment, and bidding firms' stock returns. The Journal of finance, 42(4), 943-963.
Very, P., Lubatkin, M., Calori, R., & Veiga, J. (1997). Relative standing and the performance of recently acquired European firms. Strategic management journal, 18(8), 593-614.
Weinstein, N. D. (1980). Unrealistic optimism about future life events. Journal of personality and social psychology, 39(5), 806.
Weinstein, N. D., & Klein, W. M. (1995). Resistance of personal risk perceptions to debiasing interventions. Health psychology, 14(2), 132.