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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 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
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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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Black Directors : Sarbanes-Oxley and Hidden Board Independence
Hwang, Sunwoo - 2019
This paper studies an informational role of a decision to appoint a black director (BD) to a white board in a regime shaped by the Sarbanes-Oxley Act. I find that the decision slashes firm valuation, perhaps because it reveals the true color of existing white directors (WDs) are gray. A director...
Persistent link: https://www.econbiz.de/10012900245
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Are Independent Directors Effective Corporate Monitors? – An Analysis of the Empirical Evidence in the USA and Canada
Lai, Brian - 2016
This thesis explores whether independent directors in the USA and Canada are effective in holding management accountable by: (1) analyzing how the policy of relying on independent directors developed and operates; (2) introducing the main theoretical critiques of independent directors'...
Persistent link: https://www.econbiz.de/10012991902
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Corporate governance and generalist CEOs : Evidence from board size
Chatjuthamard, Pattanaporn; Ongsakul, Viput; Jiraporn, … - 2021
PurposeWe contribute to the debate in the literature about generalist CEOs by exploring the effect of board governance on CEO general managerial ability, focusing on one of the most crucial aspects of the board of directors, board size. Prior research shows that smaller boards constitute a more...
Persistent link: https://www.econbiz.de/10013217403
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Do Strong Boards and Trading in Their Own Firm's Stock Help CEOs Make Better Decisions? Evidence from Corporate Acquisitions by Overconfident CEOs
Kolasinski, Adam C. - 2017
Little evidence exists on whether boards help managers make better decisions. We provide evidence that strong and independent boards help overconfident CEOs avoid honest mistakes when they seek to acquire other companies. In addition, we find that once-overconfident CEOs make better acquisition...
Persistent link: https://www.econbiz.de/10012976636
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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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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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Corporate Governance and Takeover Outcomes
Aktas, Nihat - 2015
of corporate governance. We highlight how the different corporate governance mechanisms affect the takeover process and … outcomes. The internal and external governance mechanisms that we consider are: the board of directors, the takeover market …
Persistent link: https://www.econbiz.de/10013023570