Unpleasant weather induces negative moods and, consequently, increases managerial risk aversion. We conjecture that this weather-induced risk aversion leads to better M&A performance by constraining managerial hubris, over-confidence and over-payment for targets. Using a large UK sample, we document robust and significant heterogeneity in M&A performance conditional on the weather. Specifically, UK acquirers earn significant positive CARs from deals announced in unpleasant weather but negative CARs otherwise.

中文翻译：

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天气因素对并购绩效的影响

不愉快的天气会诱发消极情绪，从而增加管理风险规避。我们推测，这种天气引发的风险规避会通过限制管理层的傲慢、过度自信和对目标的过度支付，从而导致更好的并购绩效。使用大型英国样本，我们记录了以天气为条件的并购绩效的稳健且显着的异质性。具体而言，英国收购方在不利天气下宣布的交易中获得了显着的正资本充足率，但在其他情况下则是负资本充足率。