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Impact of Canadian SOX from an Acquisition Perspective

Hossain, Ashrafee T - 2012

We examine the effects of Ontario Bill-198 (CSOX-2003), the strictest corporate law in Canada. Despite some drawbacks, we find the Act has added significant value contrary to many practitioners' beliefs. Using a large sample of Canadian tender offers between 1996 and 2009, we find that both...

Persistent link: https://www.econbiz.de/10013097479

CEO Home Bias and Corporate Acquisitions

Chung, Kiseo - 2018

CEOs are significantly more likely to purchase targets near their birth place, reflecting either beneficial informational advantages or inefficient managerial objectives. Evidence from bidder announcement returns supports the latter view. Acquirer returns are significantly lower for CEO home...

Persistent link: https://www.econbiz.de/10012936006

Timing of Mergers and Acquisitions : Evidence from the Canadian Stock Market

Tebourbi, Imen - 2014

This paper provides evidence of merger timing induced by investors' overoptimism. We distinguish between hot and cold merger markets and examine the movements of bidding firms' stock prices, around, before and after mergers announcements. Our results provide strong evidence that mergers are...

Persistent link: https://www.econbiz.de/10013058028

Accounting for Distress in Bank Mergers

Koetter, Michael - 2016

Persistent link: https://www.econbiz.de/10012989321

Governance mandates, outside directors, and acquirer performance

Dahya, Jay; Golubov, Andrey; Petmezas, Dimitris; … - 2016

We use hand-collected board data around the issuance of two distinct government-led board structure mandates in the U.K. to establish the effect of outside directors on acquirer performance. Increases in outside director representation are associated with better acquirer returns in deals...

Persistent link: https://www.econbiz.de/10011646285

Board Governance and Acquirers’ Returns : A Study of Australian Acquisitions

Emanuel, David M. - 2012

This paper examines the relation between acquirer (abnormal) returns and governance characteristics of the board of directors of the acquiring firm. The central question is: Are higher (acquirer) abnormal returns associated with ‘better' board governance, having controlled for other factors...

Persistent link: https://www.econbiz.de/10013111344

Stock Performance or Entrenchment? The Effects of Mergers and Acquisitions on CEO Compensation

Kumar, Praveen - 2012

Using a large sample of U.S. acquiring and non-acquiring firms and covering a broad sample of transactions, we examine the effects of mergers and acquisitions (M&A) on CEO compensation during 1993-2006, a period of intense M&A activity. We alleviate endogeneity concerns through dynamic panel...

Persistent link: https://www.econbiz.de/10013101686

The Impact of Mergers and Acquisitions on Executive Pay in the United Kingdom

Guest, Paul M. - 2012

We examine the impact of acquisitions by UK acquirers on executive pay. The overall sample shows a significant transitory pay increase. Pay changes are not affected by target nationality or organizational form, although initial cross-border acquisitions result in higher pay. Pay increases are...

Persistent link: https://www.econbiz.de/10013103147

Board Share Ownership and Takeover Performance

Cosh, Andy - 2012

We investigate the relation between takeover performance and board share ownership in the acquiring company for a … on takeover outcomes including: the means of payment; acquirer size and market to book value; the relative size of the … acquirer and the target; the nature of the bid in terms of hostility and industrial direction; and the pre-takeover performance …

Persistent link: https://www.econbiz.de/10013103238

Director Gender and Mergers and Acquisitions

Levi, Maurice D. - 2013

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using...

Persistent link: https://www.econbiz.de/10013091054

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