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Tournament Incentives and Acquisition Performance
Hasan, Iftekhar - 2020
This paper examines the impact of promotion-based tournament incentives on corporate acquisition performance. Measuring tournament incentives as the compensation ratio between the CEO and other senior executives, we show that acquirers with greater tournament incentives experience lower...
Persistent link: https://www.econbiz.de/10012853036
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Do Risk-Taking Incentives Induce CEOs to Invest? Evidence from Acquisitions
Croci, Ettore - 2015
This paper examines the effect of risk-taking incentives on acquisition investments. We find that CEOs with risk-taking incentives are more likely to invest in acquisitions. Economically, an inter-quartile range increase in vega translates into an approximately 4.22% enhancement in acquisition...
Persistent link: https://www.econbiz.de/10013035571
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Merger negotiations with stock market feedback
Betton, Sandra; Eckbo, B. Espen; Thompson, Rex; … - 2011 - Rev.
Do pre-offer target stock price runups increase bidder takeover costs? We present model-based tests of this issue … assuming runups are caused by signals that inform investors about potential takeover synergies. Rational deal anticipation …
Persistent link: https://www.econbiz.de/10009241644
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CEO Relative Compensation, Takeover Premium and Bidder Performance in Australia : Efficient Contracting or Managerial Power?
Luong, Hoa - 2018
This paper analyses the impact of CEO relative compensation on takeover premiums and bidder performance. Based on a … sample of takeover deals between Australian listed targets and bidders from 2000 to 2015, we find that there is insignificant … compensation and bidders' announcement return is significantly negative, while its association with one-year post-takeover is in an …
Persistent link: https://www.econbiz.de/10012927046
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Havenly Acquisitions
Col, Burcin - 2019
We explore the valuation, tax and post-merger performance consequences of M&As with tax haven firms. Using an international sample of cross-border mergers over the period 1989 to 2010, we find that acquirers of tax haven firms decrease their effective tax rates significantly in two years...
Persistent link: https://www.econbiz.de/10012905023
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Coordinated Monitoring and Mergers and Acquisitions
Croci, Ettore; Mazur, Mieszko; Salganik-Shoshan, Galla - 2023
This paper shows that coordinated monitoring by institutional investors affects how firms behave in the M&A market. We employ the spatial dimension of geographic links between major institutions as a proxy for interaction and information exchange—a process that determines the effectiveness of...
Persistent link: https://www.econbiz.de/10014348602
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Corporate Ownership Structure and Acquisitions in the Indian Telecom Sector - The Idea Cellular Case
Srinivasan, Padma - 2013
India is the fastest growing economy post its liberalization and globalization activism and Asia's third largest economy behind Japan and China. India's telecom density is not so high as compared to the western market. Many companies are easily attracted to the telecom sector and are interested...
Persistent link: https://www.econbiz.de/10013095667
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Union Activism : Do Union Pension Funds Act Solely in the Interest of Beneficiaries?
Larcker, David F. - 2013
Union pension funds manage approximately $3.5 trillion in retirement assets on behalf of public and private sector employees covered by collective bargaining agreement. They are also very active in the proxy process, sponsoring approximately one-third of the shareholder proposals that are...
Persistent link: https://www.econbiz.de/10013089456
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The Diminishing Returns of Incentive Pay in Executive Compensation Contracts
Lund, Andrew - 2014
For the past 30 years, the conventional wisdom has been that executive compensation packages should include very large proportions of incentive pay. This incentive pay orthodoxy has become so firmly entrenched that the current debates about executive compensation simply take it as a given. We...
Persistent link: https://www.econbiz.de/10013068058
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Trust : The Unwritten Contract In Corporate Governance
Larcker, David F. - 2014
Corporate governance systems exist to discourage self-interested behavior. One question that is often overlooked is how extensive these systems should be. A look at corporate governance today suggests that self-interest is high because companies are compelled - by regulators and the market - to...
Persistent link: https://www.econbiz.de/10013063335