in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …, reinforcing the conclusion that retirement-age CEOs are more willing to accept takeover offers. These results suggest that the …This paper explores the impact of target CEOs' retirement preferences on the incidence, the pricing, and the outcomes …

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …

We investigate the impact of changes in states' anti-takeover legislation on executive compensation. We find both pay … which reduced takeover fears allow CEO's to skim more. We compute lower bounds on the relative risk aversion coefficients … increased pay for performance offsets some of the incentive reduction caused by lower takeover threats …

respect to takeovers, states have incentives to produce rules that excessively protect incumbent managers. The development of … state takeover law, we argue, is consistent with our theory. States have adopted antitakeover statutes that have little … policy basis, and, more importantly, they have provided managers with a wider and more open-ended latitude to engage in …

, when it buys a rapidly growing target , and when the performance of its managers has been poor before the acquisition …

In this study, we empirically test “quiet life hypothesis,” which predicts that managers who are subject to weak … behaviors and the results indicate that entrenched managers who are insulated from disciplinary power of stock market avoid … making difficult decisions such as large investments and business restructures. However, when managers are closely monitored …