Do managers time the market when they make merger decisions? Merger and acquisition waves seem to correspond with … hypothesis to explain abnormal performance following events even when managers cannot time the market. I find that acquiring … calendar time. Simulations reveal that even when ex ante expected abnormal returns are zero (i.e. managers have no market …

&A decisions. This study runs statistical regressions on the likelihood of a merger, whether the deal is diversifying, how much … variable of interest and including controls for firm characteristics, merger characteristics, industry, and year. This paper …

Do merger bonuses to target CEOs facilitate a wealth transfer from target to acquirer shareholders? We test this … generate small synergies. When target CEOs get a merger bonus, acquirers pay lower premiums, but they also typically get less … when merger bonuses are present in deals where targets exhibit high pre-takeover abnormal accruals or are subject to SEC …

This paper examines the mechanisms by which acquirer CEOs are incentivized and their impact on merger decisions. We … argue that the pre-merger structure of CEO wealth impacts a CEO's risk tolerance and ultimately her willingness to undertake … a merger as well as the framework of the deal. As the riskiness of CEO wealth increases (as measured by excess vega or …

This paper examines timing of reverse mergers (takeovers) and behaviour of managers of firms that go public in reverse …. Managers of private firms that go public through a reverse takeover mechanism - both small and large - sell overvalued equity … upon merger completion. Raising capital through equity issuance and use of equity to redeem debt is critical for survival …

information about suitable merger targets and to manage the merged corporation in case of an acquisition. Our results show that … obtain high-powered incentives and, hence, a high personal income at the merger-management stage. …

information about suitable merger targets and to manage the merged corporation in case of an acquisition. Our results show that … obtain high-powered incentives and, hence, a high personal income at the merger-management stage. We derive conditions under …

We study the role of trading, and in particular market making, for the provision of stock-based incentives to managers …