本文探討經理人在大學階段的恐怖攻擊經歷對未來進行併購行為時標的選擇與支付方式上的影響。過去文獻發現人在經歷恐攻後會產生憤怒與恐懼兩種情緒進而引發對風險偏好的相反結果。由全球恐怖主義資料庫（GTD）取得恐攻發生地點的經緯度並計算恐攻發生地點與經理人就讀大學的距離，以此做為經理人是否在大學階段遭遇恐攻的代理變數，本研究同時控制經理人所任職公司總部與恐攻發生地的距離，結果發現大學階段有恐攻經歷的經理人會產生憤怒的情緒，做出風險較高的投資行為，在進行併購行為時會傾向不選擇公開上市的標的公司，並避免使用股權作為併購交易的支付方式。;This paper explores the influence of managers′ experience of terrorist attacks during their university on the target selection and payment methods for mergers and acquisitions. The literature found that terrorist attack would stimulate people two emotions, “Anger and/or Fear”, however, anger and fear will lead to the opposite result of risk preference. We obtain the terrorist attack information from The Global Terrorism Database (GTD) to calculated the distance between CEO’s university and the location of terrorist attack. The distance is used as a proxy variable for whether a manager encounters a terrorist attack at their university period. This study also controls the distance between the headquarters of the company during the CEO’s tenure and the location where the terrorist attack occurred. In conclusion, we find that managers who faced terrorist attack will arouse “angry”, and doing risky behavior or investments which prefer not to choose public target firms when doing acquisitions and avoid using equity as a payment method for M&As.
