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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

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

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

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

Aggressive CEOs and Bank Mergers and Acquisitions

Ji, Mingming; Jiang, Liangliang - 2022

The U.S. banking industry has seen waves of mergers since the 1980s. Despite a significant body of research on the determinants of these waves, there are few studies of how CEOs influence banks’ mergers and acquisitions (M&As). This paper studies the effect of CEO aggressiveness on bank M&As....

Persistent link: https://www.econbiz.de/10013405017

The executive turnover risk premium

Peters, Florian; Wagner, Alexander F. - 2009

We establish that CEOs of companies experiencing volatile industry conditions are more likely to be dismissed. At the same time, industry risk is, accounting for various other factors, unlikely to be associated with CEO compensation other than through dismissal risk. Using this identification...

Persistent link: https://www.econbiz.de/10003961496

Does CEO fitness matter?

Limbach, Peter; Sonnenburg, Florian - 2015 - This draft: November 2015

This study provides evidence suggesting that CEOs’ physical fitness has a positive impact on firm value, consistent with the beneficial effects of fitness on, e.g., cognitive functions, stress coping and job performance. For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if...

Persistent link: https://www.econbiz.de/10011392655

CEO fitness and firm value

Limbach, Peter; Sonnenburg, Florian - 2015 - First Draft: September 2014, This Draft: May 2015

We provide evidence for a positive impact of CEO fitness on firm value (Tobin's Q). For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if they finish a marathon. Fit CEOs are associated with higher firm profitability and M&A announcement returns. Effects on firm value are...

Persistent link: https://www.econbiz.de/10010517150

All good things come to an end : CEO tenure and firm value

Limbach, Peter; Schmid, Markus M.; Scholz, Meik - 2015 - This draft: July 3, 2015

Our study is the first to provide systematic evidence of a hump-shaped CEO tenure-firm value relation. This pattern is supported by announcement returns to sudden CEO deaths, which mitigate endogeneity concerns. Cross-sectionally, firm value starts to decline after fewer years of CEO tenure in...

Persistent link: https://www.econbiz.de/10011344281

Does target CEO retention in acquisitions involving private equity acquirers harm target shareholders?

Bargeron, Leonce; Schlingemann, Frederik P.; Zutter, Chad J. - 2012

While there is widespread concern that target CEO retention by a private equity acquirer can result in a lower premium for target shareholders because of the potential conflict of interest of the CEO, it is also possible that target shareholders could benefit from CEO retention because it can...

Persistent link: https://www.econbiz.de/10009697733

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