Initial valuations of entrepreneurial ventures offering uncertain payoffs can often be overvalued by investors; namely, the expected payoff postacquisition is smaller than the expected payoff prior...

中文翻译：

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评估者的诅咒：并购中高估和失望的决策分析

提供不确定回报的创业企业的初始估值通常会被投资者高估；也就是说，收购后的预期收益小于之前的预期收益...