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Executive Compensation and Informed Trading in Acquiring Firms around Merger Announcements
Ordu, Umut - 2014
This paper analyzes informed trading in acquiring firms through (stock) merger announcements. We show that pre-announcement abnormal option volumes in acquiring firms strongly increase ahead of a stock merger (by approximately 300%). Furthermore, we show that the direction of option trades (puts...
Persistent link: https://www.econbiz.de/10013064748
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The Effect of CEO Departure on Target Firms’ Post-Takeover Performance : Evidence from Not-Delisting Target Firms
Demirtas, Gul - 2016
Using a sample of target firms that do not delist from the stock market after a majority takeover, we investigate the … on equity. However, we do not find a significant effect of CEO turnover on target stock returns in the post-takeover …
Persistent link: https://www.econbiz.de/10013003124
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Internet Appendix for 'The Effect of CEO Departure on Target Firms’ Post-Takeover Performance : Evidence from Not-Delisting Target Firms'
Demirtas, Gul - 2015
Firms' Post-Takeover Performance: Evidence from Not-Delisting Target Firms" to which these Appendices apply is available at …
Persistent link: https://www.econbiz.de/10013012862
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Executive Compensation and Informed Trading in Acquiring Firms Around Merger Announcements
Schweizer, Denis - 2015
This paper analyzes informed trading in acquiring firms through (stock) merger announcements. We show that pre-announcement abnormal option volumes in acquiring firms strongly increase ahead of a stock merger (by approximately 300%). Furthermore, we show that the direction of option trades (puts...
Persistent link: https://www.econbiz.de/10013028075
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Directors' and officers' liability insurance and stock price crash risk
Yuan, Rongli; Sun, Jian; Cao, Feng; Kearney, Colm; Liu, Sha - In: The journal of corporate finance : contracting, … 37 (2016), pp. 173-192
Persistent link: https://www.econbiz.de/10011478593
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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
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Managerial Control Benefits and Takeover Market Efficiency
Wang, Wenyu - 2019
dark side, managers' private benefits of control distort firms' takeover incentives and hinder the reallocation role of the … takeover market. On the bright side, fear of a takeover induces underperforming managers to exert more effort and enhances the …How and to what extent do managerial control benefits shape the efficiency of the takeover market? We revisit this …
Persistent link: https://www.econbiz.de/10012898784
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Bid Resistance by Takeover Targets : Managerial Bargaining or Bad Faith?
Bates, Thomas W. - 2017
This paper examines management's motives for rejecting takeover bids and the associated shareholder wealth effects. We …
Persistent link: https://www.econbiz.de/10012976118
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Mergers and Acquisitions : CEO Duality, Operating Performance and Stock Returns
Pham, Nga - 2014
The paper provides evidence, in an emerging market context in the Pacific Basin, that the CEO duality leadership structure of a firm does impact the strategic decisions made by the firm. Specifically, firms that are run by CEO duality structure are perceived by the capital market to be better...
Persistent link: https://www.econbiz.de/10013059716
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Bid Resistance by Takeover Targets : Managerial Bargaining or Bad Faith?
Bates, Thomas W. - 2015
This paper examines management's motives for rejecting takeover bids and the associated shareholder wealth effects. We …
Persistent link: https://www.econbiz.de/10013036846