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Market competition or family ties : which prevails on Italian CEOs pay?
Graziano, Clara; Rondi, Laura - 2015 - This draft: June 8, 2015
The paper analyzes the interplay of product market competition and governance on CEO compensation in Italian listed firms from 2000 to 2011 and tests the impact of the 2007-08 financial crisis on pay-performance sensitivity. We argue that important differences both in the level of compensation...
Persistent link: https://www.econbiz.de/10011280832
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CEO compensation : evidence from the field
Edmans, Alex; Gosling, Tom; Jenter, Dirk - 2021
We survey directors and investors on the objectives, constraints, and determinants of CEO pay. 67% of directors would sacrifice shareholder value to avoid controversy on CEO pay, implying they face significant constraints other than participation and incentive compatibility. These constraints...
Persistent link: https://www.econbiz.de/10012584217
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Corporate acquisitions and firm-level uncertainty : domestic versus cross-border deals
Bai, Ye; Girma, Sourafel; Riaño, Alejandro - 2020
investments whose returns take time to materialize. …
Persistent link: https://www.econbiz.de/10012158166
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Distressed acquisitions : evidence from European emerging markets
Iwasaki, Ichirō; Kočenda, Evžen; Shida, Yoshisada - 2021
We analyze factors behind 23,213 distressed acquisitions in European emerging markets from 2007–2019. Besides the impact of financial ratios, legal form, ownership structure, firm size, and age, we emphasize the role of institutions and channels of their propagation. We show that the quality...
Persistent link: https://www.econbiz.de/10012508593
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The role of toeholds and capital gains taxes for corporate acquisition strategies
Liberini, Federica; Russo, Antonio; Stimmelmayr, Michael - 2016
Ownership takeovers often follow complex strategies where the control of the target firm is acquired through a sequence of independent contracts. Based on this observation, we develop a novel theoretical model wherein the acquiring firm decides on the number of steps towards the full ownership...
Persistent link: https://www.econbiz.de/10011554398
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Prices and mergers in a general model of multi-sided markets
Bajo-Buenestado, Raúl; Kinateder, Markus - 2023
pressure post-merger. We show that while optimal pricing is determined by the nature of end-users' side choices, their platform … choices are crucial for merger analysis. …
Persistent link: https://www.econbiz.de/10014443980
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A simple model of mergers and innovation
Federico, Giulio; Langus, Gregor; Valletti, Tommaso M. - 2017
We analyze the impact of a merger on firms' incentives to innovate. We show that the merging parties always decrease … their innovation efforts post-merger while the outsiders to the merger respond by increasing their effort. A merger tends to … reduce overall innovation. Consumers are always worse off after a merger. Our model calls into question the applicability of …
Persistent link: https://www.econbiz.de/10011669398
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Multiproduct mergers and the product mix in domestic and foreign markets
Chan, Jackie M.L.; Irlacher, Michael; Koch, Michael - 2022
post-merger efficiency improvements to reveal a new margin of adjustment along the product dimension. We analyze horizontal … between differentiated varieties. After a merger, acquirers drop products from their consolidated domestic product portfolio … and reallocate assets towards core varieties. We further demonstrate that such merger-induced efficiency gains imply …
Persistent link: https://www.econbiz.de/10013186438
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Executive compensation : a survey of theory and evidence
Edmans, Alex; Gabaix, Xavier; Jenter, Dirk - 2017
the level of CEO and other top executive pay over time and across firms, the changing composition of pay; and the strength …
Persistent link: https://www.econbiz.de/10011700396
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Mergers in the digital economy
Gautier, Axel; Lamesch, Joe - 2020
Over the period 2015-2017, the five giant technologically leading firms, Google, Amazon, Facebook, Amazon and Microsoft (GAFAM) acquired 175 companies, from small start-ups to billion dollar deals. By investigating this intense M&A, this paper ambitions a better understanding of the Big Five's...
Persistent link: https://www.econbiz.de/10012154717