structuring acquisitions. Specifically, firms that are overleveraged relative to their target debt ratios are less likely to make … acquisitions and are less likely to use cash in their offers. Furthermore, they acquire smaller targets and pay lower premiums … making an acquisition. Finally, they pursue the most value-enhancing acquisitions. Collectively, these findings improve …

We examine how firms redraw their boundaries after acquisitions using plant-level data. We find that there is extensive … restructuring in a short period following mergers and full-firm acquisitions. Acquirers of full firms sell 27% and close 19% of the …

compensated for completing mergers with targets that are highly connected to the acquiring firms, that acquisitions are more … likely to take place between two firms that are well connected to each other through social ties, and that such acquisitions …

I demonstrate that acquisitions are accompanied by large, permanent increases in Chief Executive Officer (CEO …) compensation, which create strong financial incentives for CEOs to pursue acquisitions earlier in their career. Accordingly, I … ∼30% less likely to announce an acquisition. This negative effect of CEO age on acquisitions is strongest among firms …

compensation, its management is more likely to make value-destroying acquisitions, and its managers are more likely to engage in …