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order to reduce her agency costs. Whenever this incentive effect dominates the well-known direct synergy effect, synergies … actually reduce consumer surplus which opposes the use of an efficiency defense in merger control. …
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are value-relevant. Using text analytical methods, we only find a positive relationship between synergy projections and …
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We find that contrary to popular belief, CEOs with long compensation duration do not make better long-term investment decisions. Using a comprehensive pay duration measure, we find that acquisitions conducted by CEOs with long compensation duration receive more negative announcement returns, and...
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