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Beware the Winner's CurseVictories that Can Sink You and Your Company$
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G. Anandalingam and Henry C. Lucas

Print publication date: 2004

Print ISBN-13: 9780195177404

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780195177404.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 28 February 2021

The Curse can appear anywhere

The Curse can appear anywhere

(p.77) 4 The Curse can appear anywhere
Beware the Winner's Curse

G. Anandalingam (Contributor Webpage)

Henry C. Lucas

Oxford University Press

While Tyco demonstrates the winner’s curse at the highest levels of the firm and in the serial acquisition of hundreds of other firms, a well-known editor in a publishing company described the winner’s curse in her business: the tendency to try and hit “home-runs” with every new book published. In such a climate, in cases when successful first-time authors negotiate for a second manuscript, their agents are able to secure very large advances. Oftentimes when the second book is published, it may have reasonable sales, but not high enough sales to justify the huge advance. As a result, the book, however good, is regarded as unsuccessful and the “winning” author is “cursed” by the publishing industry being gun-shy of bidding for the third book. The sports industry has a number of very famous instances of winner’s curse, many of them centered around team owners competing with each other to hire a “star” who turns out to disrupt the chemistry in the locker room, the finances of the team, and also does not live up to promise. Additionally, Bristol Myers Squibb demonstrates the curse at the level of a single product, the licensing of a cancer drug from ImClone.

Keywords:   Bristol Myers Squibb, ImClone, publishing, sports

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