Efekt zakotwiczenia w transakcjach fuzji i przejęć na przykładzie Polski
The Anchor Effect in Merger and Acquisition Transactions on the Example of Poland

Summary/Abstract: Psychological characteristics of processes of assessment by people have the fundamental importance in decision making, including investment decisions. This article aims to analyse the relation between the value of shares before the M&A transaction and probability of achieving profit after transaction. Authors state that the lower value of shares before transaction, the higher probability of profit. The research was based on the data collected of 238 M&A transactions conducted in the period 2004–2014 in Poland.

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