References of "Lehnert, Thorsten 50002191"
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See detailUncertainty avoidance, risk tolerance and corporate takeover decisions
Frijns, Bart; Gilbert, Aaron; Tourani Rad, Ali Reza et al

in Journal of Banking and Finance (2013), 37

In this paper, we examine the role of national culture in corporate takeover decisions, by arguing that managerial risk tolerance (a combination of risk aversion and risk perception), at the national ... [more ▼]

In this paper, we examine the role of national culture in corporate takeover decisions, by arguing that managerial risk tolerance (a combination of risk aversion and risk perception), at the national level, is a cultural trait and affects the expected net synergies CEOs require. We propose a theoretical framework that links CEO risk tolerance to the expected net synergies. We empirically show that CEOs of firms located in countries with lower levels of risk tolerance, measured by Hofstede’s (1980, 2001) uncertainty avoidance score, require higher premiums on takeovers, and show that uncertainty avoidance plays a greater role in relatively large takeovers. Additional testing reveals that CEOs from high uncertainty avoiding nations engage less in cross-border/cross-industry takeovers, suggesting that uncertainty avoidance captures more the CEO’s risk perception than his/her risk aversion. [less ▲]

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See detailConference Organization
Lehnert, Thorsten UL

Scientific Conference (2013, June)

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See detailNoise Trading and Option Prices
Lehnert, Thorsten UL

Scientific Conference (2013, May)

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See detailInvestment Fund Research - Made in Luxembourg
Lehnert, Thorsten UL

Conference given outside the academic context (2013)

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See detailConference Organization
Lehnert, Thorsten UL

Scientific Conference (2013, April)

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See detailSentiment Trades and Option Prices
Lehnert, Thorsten UL

Scientific Conference (2013, January)

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See detailStein’s Overeaction Puzzle: Option Anomaly or Perfectly Rational Behavior
Lehnert, Thorsten UL; Martelin, Nicolas UL; Lin, Yuehao

E-print/Working paper (2013)

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See detailEstimation Risk in Option Pricing
Lehnert, Thorsten UL; Bams, Dennis; Blanchard, Gildas

E-print/Working paper (2013)

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See detailSkewness Risk Premium: Theory and Empirical Evidence
Lehnert, Thorsten UL; Wolff, Christian UL; Lin, Yuehao

E-print/Working paper (2013)

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See detailThe Impact of Policy Interventions on Stock Liquidity
Lehnert, Thorsten UL; Busch, Thomas

E-print/Working paper (2013)

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See detailGeschäftsklimaindices und Aktienmärkte
Lehnert, Thorsten UL; Kerschen, Nicolas

Article for general public (2012)

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See detailAspirations, ORGANIZATIONAL PERFORMANCE AND RISKY DECISIONS
Lehnert, Thorsten UL; Brinckmann, Martin

in Advances in Business-Related Scientific Research (2012)

This paper examines the impact of organizational performance on subsequent risk-taking behavior. More specifically, using a sample of 2892 European acquisitions, it is analyzed whether companies are more ... [more ▼]

This paper examines the impact of organizational performance on subsequent risk-taking behavior. More specifically, using a sample of 2892 European acquisitions, it is analyzed whether companies are more likely to conduct risky actions like acquisitions in times of bad organizational performance. Risk theory suggests that the risk-taking behavior of organizations is context-dependent, with a greater risk-appetite in times of failure than in times of success. Past performance is denoted successful whenever company specific aspiration levels were met. Consequently, it is hypothesized that the probability of a company to get actively involved in acquisitions decreases with increasing relative performance. The findings of the analysis support the hypothesized relationship. Organizations are sensitive to performance relative to aspiration levels. The better the performance relative to aspiration levels the lower the propensities to initiate acquisitions. Companies with experience from prior deals are more likely to engage in acquisitions and less sensitive to relative performance. [less ▲]

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See detailSentiment Trades and Option Prices
Lehnert, Thorsten UL; Frijns, Bart; Zwinkels, Remco

E-print/Working paper (2012)

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See detailNoise Trading and the cross-section of index option prices
Lehnert, Thorsten UL

Scientific Conference (2012)

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See detailDo Fund Investors Know that Risk is Sometimes Not Priced
Lehnert, Thorsten UL

Scientific Conference (2012)

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