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We present a model with dynamic investment flows, where fund managers have the ability to generate excess returns and …
Persistent link: https://www.econbiz.de/10011808018
This paper explores the impact of target CEOs' retirement preferences on takeovers. Using retirement age as proxy for CEOs' private merger costs, we find strong evidence that target CEOs' preferences affect merger activity. The likelihood of receiving a successful takeover bid is sharply higher...
Persistent link: https://www.econbiz.de/10009504779
Persistent link: https://www.econbiz.de/10003784865