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Managerial attitudes and corporate actions

Graham, John R.; Harvey, Campbell R.; Puri, Manju - In: Journal of Financial Economics 109 (2013) 1, pp. 103-121

We administer psychometric tests to senior executives to obtain evidence on their underlying psychological traits and attitudes. We find US CEOs differ significantly from non-US CEOs in terms of their underlying attitudes. In addition, we find that CEOs are significantly more optimistic and...

Persistent link: https://www.econbiz.de/10010665550

Do cash stockpiles fuel cash acquisitions?

Pinkowitz, Lee; Sturgess, Jason; Williamson, Rohan - In: Journal of Corporate Finance 23 (2013) C, pp. 128-149

U.S. firms currently hold a $2trillion cash stockpile. We examine if cash stockpiles fuel cash acquisitions by studying … that the link between cash stockpiles and cash acquisitions is not obvious. …

Persistent link: https://www.econbiz.de/10010719623

The appeal of private targets in international acquisitions

Madura, Jeff; Susnjara, Jurica - In: Journal of International Financial Markets, … 24 (2013) C, pp. 198-222

Using a sample of 8000 targets in the US and Western Europe over the 1997–2009 period, we find that private targets receive significantly higher payments from bidders than public targets. We find that the private valuation premium is inversely related to the size of the target. We also find...

Persistent link: https://www.econbiz.de/10010747594

What happens in acquisitions?

Fee, C. Edward; Hadlock, Charles J.; Pierce, Joshua R. - In: Journal of Corporate Finance 18 (2012) 3, pp. 584-597

We study advertising at the brand level in a sample of corporate acquisitions. New owners display an elevated …

Persistent link: https://www.econbiz.de/10010574234

Bargaining power of targets: Takeover defenses and top-tier target advisors

Ertugrul, Mine - In: Journal of Economics and Business 78 (2015) C, pp. 48-78

This paper examines whether takeover defenses (i.e., poison pills and classified boards) can enhance the bargaining position of the target firm, especially when the target advisor is a top-tier investment bank. I find that classified boards and poison pills are positively linked to target's...

Persistent link: https://www.econbiz.de/10011209906

Acquisitions and CEO power: Evidence from French networks

Chikh, Sabrina; Filbien, Jean-Yves - In: Journal of Corporate Finance 17 (2011) 5, pp. 1221-1236

During mergers and acquisitions, the CEOs of the acquiring firms are likely to cancel the deal if the market does not …

Persistent link: https://www.econbiz.de/10010574249

The totality of change-in-control payments

Offenberg, David; Officer, Micah S. - In: Journal of Corporate Finance 29 (2014) C, pp. 75-87

Most extant studies consider golden parachutes as the totality of change-in-control payments. However, for the median CEO of firms listed in the S&P SmallCap 600 index in 2009, golden parachute payments are only 46% of total change-in-control compensation. We measure total change-in-control...

Persistent link: https://www.econbiz.de/10011117536

Toeholds and Takeovers

Bulow, Jeremy I.; Huang, Ming; Klemperer, Paul - C.E.P.R. Discussion Papers - 1996

Part ownership of a takeover target can help a bidder win a takeover auction, often at a low price. A bidder with a ‘toehold’ bids aggressively in a standard ascending auction because its offers are both bids for the remaining shares and asks for its own holdings. While the direct effect of...

Persistent link: https://www.econbiz.de/10005136550

Does the director labor market offer ex post settling-up for CEOs? The case of acquisitions

Harford, Jarrad; Schonlau, Robert J. - In: Journal of Financial Economics 110 (2013) 1, pp. 18-36

We examine the rewards for experience and ability in the director labor market. We show that large acquisitions are … also find that, in the case of acquisitions, experience is more important than ability. Both value-destroying and value …-increasing acquisitions have significant and positive effects on a CEO's future prospects in the director labor market. In addition to …

Persistent link: https://www.econbiz.de/10010702373

On the Incentive Problems in Financial Conglomerates

Lóránth, Gyöngyi - C.E.P.R. Discussion Papers - 2002

This paper analyses the effects of scope expansion on the core activity of banks and provides a rationale for their interest in offering a wider product range. We show that scope economies may stem from moral hazard in the core business, and argue that a cost of scope expansion might be the...

Persistent link: https://www.econbiz.de/10005791861

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