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Rumortrage : Can Investors Profit on Takeover Rumors on Internet Stock Message Boards?
Bettman, Jenni L. - 2014
We provide the first empirical investigation into the impact of Internet Stock Message Board takeover rumors on the … takeover rumors disseminated during the period January 2003 to December 2008, inclusive. Overall, our analysis, utilizing … intraday Trade and Quote (TAQ) data, reveals that Message Board takeover rumors generate significant positive abnormal returns …
Persistent link: https://www.econbiz.de/10013069468
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Do Bad Boards Allow Bad Acquisitions?
Pandit, Shail - 2009
A large proportion of acquisitions results in shareholder wealth destruction. This study examines who is responsible for allowing bad acquisitions. Using a sample of 349 tax-free, stock-for-stock, pooling acquisitions over 1993-2001, the announcement period abnormal returns of acquirers are...
Persistent link: https://www.econbiz.de/10014046835
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Boards, Takeover Protection, and Real Earnings Management
Ge, Wenxia - 2014
We investigate the effect of board governance and takeover protection on real earnings management. Four types of real … other discretionary expenses) increases with better board governance and decreases with higher takeover protection. These … earnings management is higher when a firm is faced with tough board monitoring, and that takeover protection may reduce …
Persistent link: https://www.econbiz.de/10013063714
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Cost of information acquisition and board independence : Evidence from a change in an accounting standard
Allegrucci, Alberto - 2020
Independent directors are valuable because they do not suffer from the agency coststhat afflict executive directors. Independent directors also operate at an informationaldisadvantage compared with executive directors, which makes it hard for them to carryout their duties of advising and...
Persistent link: https://www.econbiz.de/10012838921
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Are Outside Director Trades Informative? Evidence from Acquiring Firms
Gordon, Rachel - 2019
I show that nonroutine premerger trades by acquirer outside directors contain a significant amount of private information and indicate opportunistic trading on the information. I find that outside directors sell shares before less valuable deals and purchase shares before more value enhancing...
Persistent link: https://www.econbiz.de/10012902273
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Industry Experience of Board CEO, and Acquisition Performance
Bhattacharya, Debarati - 2019
This study examines the collective impact of expert boards and CEOs on acquisition performance, providing new insight into the CEO-board relationship. Acquiring firms with expert boards earn an additional 1.16 percentage points when their CEOs are new to the target industry compared to firms...
Persistent link: https://www.econbiz.de/10012871246
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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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Bidders' board structure and acquisition returns
Donnelly, Ray - In: International journal of corporate governance : IJCG 1 (2008/09) 3, pp. 315-335
Persistent link: https://www.econbiz.de/10003948498
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CEO compensation contagion : evidence from an exogenous shock
Bereskin, Frederick L.; Cicero, David C. - In: Journal of financial economics 107 (2013) 2, pp. 477-493
Persistent link: https://www.econbiz.de/10009719714