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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
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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
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Independent Director Death and CEO Acquisitiveness : Build an Empire or Pursue a Quiet Life?
Shi, Wei - 2016
This study examines the relationship between an independent director's death and CEO acquisitiveness. Using a sample of large U.S. public firms, we find that CEOs who have experienced an independent director's death undertake fewer acquisitions in the post-director death period, in particular...
Persistent link: https://www.econbiz.de/10013005769
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Corporate Control Activism
Corum, Adrian Aycan - 2018
This paper studies the role of activist investors in the M&A market. Our theory proposes that activist investors have an inherent advantage relative to bidders in pressuring entrenched incumbents to sell. As counterparties to the acquisition, bidders have a fundamental conflict of interests with...
Persistent link: https://www.econbiz.de/10012937295
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Shareholder Rights in Mergers and Acquisitions : Are Appraisal Rights Being Abused?
Kalodimos, Jonathan - 2017
Appraisal rights grant dissenting shareholders in an acquisition the right to petition the court to determine the value of their shares. These rights can protect shareholders from acquisitions below fundamental value or can be abused by opportunistic investors. We examine the use of appraisal...
Persistent link: https://www.econbiz.de/10012966206
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Takeover Defenses in the Era of Shareholder Activism
Shin, Sa-Pyung Sean - 2016
This paper examines the interplay between takeover defenses and shareholder activism. Using a comprehensive sample of … shareholder activism events between 2006 and 2014, I find a differential impact of takeover defense measures on the likelihood of … in place are more likely to become targets. Activists are more likely to demand removal of takeover defense measures and …
Persistent link: https://www.econbiz.de/10012982580
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The Power to Decide on Takeovers : Directors or Shareholders, What Difference Does It Make?
Gatti, Matteo - 2014
contribution is to show who actually has power in a takeover and what factors are at work to give such power. Although directors … are traditionally considered to be in charge in deciding the outcome of a hostile takeover of a Delaware corporation … lack the power to determine the outcome of a takeover bid, the reason for that is not embedded in the takeover regime …
Persistent link: https://www.econbiz.de/10014153473
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State Poison Pill Endorsement Statutes and the Market for Corporate Control
Afonso, Esteban L. - 2011
This paper provides evidence that poison pill endorsement statutes, and to a lesser degree, other constituency statues, harm shareholders. Exploiting the variation in such laws at the state level, I show that a firm incorporated in a state with either a poison pill endorsement or other...
Persistent link: https://www.econbiz.de/10014042490
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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
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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