Jenter, Dirk; Lewellen, Katharina - CESifo - 2011
of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs’ private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … benefits of staying employed until the planned retirement date. Using retirement age as an instrument for CEOs’ private merger …