This paper investigates the extent to which Australian CEOs are compensated following the completion of mergers and acquisition (M&A) deals with reference to the incentive alignment and managerial power perspective. Findings reveal that CEOs of acquiring firms significantly receive higher...

We investigate the prevalence of the disposition effect (DE) amongst UK managed fund by using the Citywatch database of their daily holding positions in all equity stocks over the period September 2001 through to September 2004. In contrast to Odean's (1998) finding for clients of a discount...

Prior to December 1999, shareholders that sold their shares into Australian takeovers have been taxable on capital gains irrespective of the form of payment. Subsequent to this date shareholders can elect to rollover gains when equity is received as consideration. We examine the effect of this...

In recent years there has been an increasing use of members' schemes of arrangement to bring about a change in corporate control. This increasing use of schemes has been criticised in public quarters on the basis that unlike takeovers, schemes are not subject to the Eggleston principles and have...

We examine detailed daily Australian Stock Exchange share registry data for investors in IPO and index stocks between 1995 and 2000 and find that the quot;disposition effectquot;, investors' reluctance to crystallise losses and relative eagerness to realise gains, is pervasive across investor...

The equity wealth effects of method of payment in takeover bids for privately held firms In takeover bids for unlisted firms, the typically more closely knit target shareholders have the bargaining power and incentive to force the bidder's managers to disclose their private information about the...

This paper examines how firm proximity affects merger and acquisition (M&A) deal outcomes, namely ease of execution and payment method. Firm proximity is defined as the ‘nearness in space or relationship' between two companies and can be measured by firm similarity, board connections, prior...

“Say on pay” legislation has been introduced in several countries but Australia's version, namely the “two-strikes” rule, is unique in that it empowers shareholders to vote on a board spill if the compensation report of a public company receives 25% or more dissenting votes for two...