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Does CEO fitness matter?
Limbach, Peter; Sonnenburg, Florian - 2015 - This draft: November 2015
This study provides evidence suggesting that CEOs’ physical fitness has a positive impact on firm value, consistent with the beneficial effects of fitness on, e.g., cognitive functions, stress coping and job performance. For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if...
Persistent link: https://www.econbiz.de/10011392655
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CEO fitness and firm value
Limbach, Peter; Sonnenburg, Florian - 2015 - First Draft: September 2014, This Draft: May 2015
We provide evidence for a positive impact of CEO fitness on firm value (Tobin's Q). For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if they finish a marathon. Fit CEOs are associated with higher firm profitability and M&A announcement returns. Effects on firm value are...
Persistent link: https://www.econbiz.de/10010517150
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CEO fitness and firm value
Limbach, Peter; Sonnenburg, Florian - 2014 - This Draft: September 2014
This study finds a positive relation between CEO fitness and firm value. For each of the years 2001 to 2011, we define CEOs of S&P 1500 companies as being fit if they finish a marathon. The literature suggests that fitness moderates stress and positively affects cognitive functions and...
Persistent link: https://www.econbiz.de/10010399327
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Managerial Control Benefits and Takeover Market Efficiency
Wang, Wenyu - 2019
dark side, managers' private benefits of control distort firms' takeover incentives and hinder the reallocation role of the … takeover market. On the bright side, fear of a takeover induces underperforming managers to exert more effort and enhances the …How and to what extent do managerial control benefits shape the efficiency of the takeover market? We revisit this …
Persistent link: https://www.econbiz.de/10012898784
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Information Conduit or Agency Cost : Top Management and Director Interlock between Acquirers and Targets
Wu, Qingqing - 2017
This paper investigates the role of top management and board interlocks between acquirers and targets. I hypothesize that an interlock may exacerbate agency problems due to conflicting interests and lead to value-decreasing acquisition. An interlock may also serve as a conduit of information and...
Persistent link: https://www.econbiz.de/10012975768
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The Power to Decide on Takeovers : Directors or Shareholders, What Difference Does It Make?
Gatti, Matteo - 2014
contribution is to show who actually has power in a takeover and what factors are at work to give such power. Although directors … are traditionally considered to be in charge in deciding the outcome of a hostile takeover of a Delaware corporation … lack the power to determine the outcome of a takeover bid, the reason for that is not embedded in the takeover regime …
Persistent link: https://www.econbiz.de/10014153473
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Governance, CEO Power, and Acquisitions
Oler, Derek; Olson, Bradley; Skousen, Christopher J. - 2009
We examine whether governance matters for acquisitions. Acquisitions are frequently beneficial to the CEO of the acquiring firm, but can often be value-destructive to acquirer shareholders and other stakeholders such as employees. We find that corporate governance does not appear to influence...
Persistent link: https://www.econbiz.de/10014049776
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The executive turnover risk premium
Peters, Florian; Wagner, Alexander F. - 2009
We establish that CEOs of companies experiencing volatile industry conditions are more likely to be dismissed. At the same time, industry risk is, accounting for various other factors, unlikely to be associated with CEO compensation other than through dismissal risk. Using this identification...
Persistent link: https://www.econbiz.de/10003961496
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All good things come to an end : CEO tenure and firm value
Limbach, Peter; Schmid, Markus M.; Scholz, Meik - 2015 - This draft: July 3, 2015
Our study is the first to provide systematic evidence of a hump-shaped CEO tenure-firm value relation. This pattern is supported by announcement returns to sudden CEO deaths, which mitigate endogeneity concerns. Cross-sectionally, firm value starts to decline after fewer years of CEO tenure in...
Persistent link: https://www.econbiz.de/10011344281
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Does target CEO retention in acquisitions involving private equity acquirers harm target shareholders?
Bargeron, Leonce; Schlingemann, Frederik P.; Zutter, Chad J. - 2012
While there is widespread concern that target CEO retention by a private equity acquirer can result in a lower premium for target shareholders because of the potential conflict of interest of the CEO, it is also possible that target shareholders could benefit from CEO retention because it can...
Persistent link: https://www.econbiz.de/10009697733