Showing 1 - 10 of 29,668
This paper examines management's motives for rejecting takeover bids and the associated shareholder wealth effects. We …
Persistent link: https://www.econbiz.de/10012976118
The authors perform an original research on the fundamentals of winning virtuous strategies creation toward the leveraged buyout transactions implementation during the private equity investment in the conditions of the resonant absorption of discrete information in the diffusion-type financial...
Persistent link: https://www.econbiz.de/10013028989
Using hand-collected proxy statement data, we examine the distribution of performance metrics used to calculate executive compensation in 86 US oil and gas firms. We find that the distribution of achieved–target differences is significantly discontinuous at zero over the 13-year period...
Persistent link: https://www.econbiz.de/10012832494
This paper investigates the impact of the target chief executive officer’s (CEO) postmerger position on the purchase premium and target shareholders’ abnormal returns around the announcement of the deal in a sample of bank mergers during the period 1990–2004. We find evidence that the...
Persistent link: https://www.econbiz.de/10003730559
This paper uses novel data to examine the fleets of corporate jets operated by both publicly traded and privately held firms. In the cross-section, firms owned by private equity funds average 40% smaller fleets than observably similar public firms. Similar fleet reductions are observed within...
Persistent link: https://www.econbiz.de/10013133808
options of the target CEO immediately vest and become unrestricted upon the close of the acquisition. We find that takeover …
Persistent link: https://www.econbiz.de/10013117248
Using a large sample of U.S. acquiring and non-acquiring firms and covering a broad sample of transactions, we examine the effects of mergers and acquisitions (M&A) on CEO compensation during 1993-2006, a period of intense M&A activity. We alleviate endogeneity concerns through dynamic panel...
Persistent link: https://www.econbiz.de/10013101686
We examine the impact of acquisitions by UK acquirers on executive pay. The overall sample shows a significant transitory pay increase. Pay changes are not affected by target nationality or organizational form, although initial cross-border acquisitions result in higher pay. Pay increases are...
Persistent link: https://www.econbiz.de/10013103147
A long-standing controversy is whether CEO employment contracts insulate inferior managers from discipline leading to shareholder wealth destruction, or whether contracts alleviate managerial risk aversion and encourage value-enhancing decisions. Using a unique dataset on S&P 500 CEO employment...
Persistent link: https://www.econbiz.de/10013083291
This paper examines the mechanisms by which acquirer CEOs are incentivized and their impact on merger decisions. We argue that the pre-merger structure of CEO wealth impacts a CEO's risk tolerance and ultimately her willingness to undertake a merger as well as the framework of the deal. As the...
Persistent link: https://www.econbiz.de/10013065780