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The Effect of CEO Departure on Target Firms’ Post-Takeover Performance : Evidence from Not-Delisting Target Firms
Demirtas, Gul - 2016
Using a sample of target firms that do not delist from the stock market after a majority takeover, we investigate the … on equity. However, we do not find a significant effect of CEO turnover on target stock returns in the post-takeover …
Persistent link: https://www.econbiz.de/10013003124
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Internet Appendix for 'The Effect of CEO Departure on Target Firms’ Post-Takeover Performance : Evidence from Not-Delisting Target Firms'
Demirtas, Gul - 2015
Firms' Post-Takeover Performance: Evidence from Not-Delisting Target Firms" to which these Appendices apply is available at …
Persistent link: https://www.econbiz.de/10013012862
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Stock Performance or Entrenchment? The Effects of Mergers and Acquisitions on CEO Compensation
Kumar, Praveen - 2012
Using a large sample of U.S. acquiring and non-acquiring firms and covering a broad sample of transactions, we examine the effects of mergers and acquisitions (M&A) on CEO compensation during 1993-2006, a period of intense M&A activity. We alleviate endogeneity concerns through dynamic panel...
Persistent link: https://www.econbiz.de/10013101686
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Executive Compensation and Informed Trading in Acquiring Firms around Merger Announcements
Ordu, Umut - 2014
This paper analyzes informed trading in acquiring firms through (stock) merger announcements. We show that pre-announcement abnormal option volumes in acquiring firms strongly increase ahead of a stock merger (by approximately 300%). Furthermore, we show that the direction of option trades (puts...
Persistent link: https://www.econbiz.de/10013064748
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Executive Compensation and Informed Trading in Acquiring Firms Around Merger Announcements
Schweizer, Denis - 2015
This paper analyzes informed trading in acquiring firms through (stock) merger announcements. We show that pre-announcement abnormal option volumes in acquiring firms strongly increase ahead of a stock merger (by approximately 300%). Furthermore, we show that the direction of option trades (puts...
Persistent link: https://www.econbiz.de/10013028075
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The Death of the Deal : Are Withdrawn Acquisition Deals Informative of CEO Quality?
Jacobsen, Stacey E. - 2017
To examine the market response to positive revelations of chief executive officer (CEO) quality, this study focuses on CEOs who withdraw acquisition bids when the price becomes increasingly expensive. Firms that withdrawal for price-related reasons earn higher withdrawal returns than firms that...
Persistent link: https://www.econbiz.de/10012975360
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Managerial Talk of Trust and Takeover Performance
Ghufran, Bushra - 2021
of SEC filings (10-K Form) and the prognostic power of such language for takeover performance. The sample under study … long-term takeover performance, suggesting that managerial virtuous talk is, in practicality, an indication of lower post …-acquisition gains for the acquirers in the long run. Furthermore, takeover returns are found to reflect textual information on trust …
Persistent link: https://www.econbiz.de/10013243561
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Is a CEO turnover good or bad news?
Kind, Axel; Schläpfer, Yves - 2010
To gain insights about the quality of boards' firing decisions, we investigate abnormal stock returns and operating performance around CEO-turnover announcements in a new hand-collected sample of 208 "clean'' turnover events between January 1998 and June 2009. Unlike the majority of previous...
Persistent link: https://www.econbiz.de/10009008304
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CEO Turnover Announcements and Information Frictions
John, Kose - 2020
This paper analyzes the market reaction to CEO turnover announcements in the presence of information frictions. We find that the market reaction to forced CEO turnover announcements is negatively related to the level of asymmetric information between a firm and its investors. No such relation...
Persistent link: https://www.econbiz.de/10012836739
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CEO turnovers : transparency of announcements and the outperformance puzzle
Farah, Paul; Li, Hui - In: International Journal of Financial Studies : open … 9 (2021) 3, pp. 1-22
This study investigates market reactions to announcements of CEO turnover and finds that forced turnovers are not accompanied by positive returns, which contradicts the broad view that firing a CEO sends a positive signal to the market. This contradiction is further explored by focusing on the...
Persistent link: https://www.econbiz.de/10012587940