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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

The Choice of Fiscal Year-End in Australia

Lu, Meiting - 2014

This study examines the heterogeneity of fiscal year-end choice in Australia. We document substantial differences in the ‘‘popularity'' of balance sheet dates over 1989-2010, and an increasing preference of June year-ends in recent years. 81% of Australian firms choose June to align with the...

Persistent link: https://www.econbiz.de/10013064819

Stock Option Use by Australian IPOs

Ren, Siewan - 2017

This paper examines the use of stock options by Australian IPOs. Stock options in this setting exhibit heterogeneity of ‘in the moneyness' attributes. We can therefore identify incentive ‘out of the money' options and reward ‘at or in the money' options and study their usage. The setting...

Persistent link: https://www.econbiz.de/10012976077

CEO Compensation from M&As in Australia

Bugeja, Martin - 2009

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...

Persistent link: https://www.econbiz.de/10013156839

Equity Capital Raising in Australia During 2008 and 2009

Connal, Simon J - 2012

During 2008 and 2009 Australian listed entities raised large amounts of equity capital as the global financial crisis led to a significant tightening in credit markets. Over these two years listed entity after listed entity recapitalised, seeking additional equity to replace debt as lenders,...

Persistent link: https://www.econbiz.de/10013115765

Conditional Returns to Shareholders of Bidding Firms : An Australian Study

Akhtar, Farida - 2013

announcement events. Takeover announcements are not random because managers decide rationally whether to bid or not, this indicates …

Persistent link: https://www.econbiz.de/10013077619

Returns to Acquirers of Listed and Unlisted Targets : An Examination of Australian Bidders

Nguyen, Pascal - 2014

We analyze the market reaction to the announcement of takeover bids initiated by Australian public firms on private and …

Persistent link: https://www.econbiz.de/10013048623

Returns to Acquirers of Listed and Unlisted Targets : An Examination of Australian Bidders

Nguyen, Pascal - 2014

We analyze the market reaction to the announcement of takeover bids initiated by Australian public firms on private and …

Persistent link: https://www.econbiz.de/10013048624

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

Agency Risks and Long-Term Performance of Australian Publicly Listed Mergers and Acquisitions

Daniliuc, Sorin - 2016

This paper investigates the extent to which agency risks and the acquirer's mechanisms used to avoid these risks (i.e. board of directors, ownership structure and financial leverage) influenced the post-acquisition performance of Australian publicly listed mergers and acquisitions during the...

Persistent link: https://www.econbiz.de/10013007299

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