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Antitakeover provisions in corporate spin-offs

Chemmanur, Thomas J.; Jordan, Bradford D.; Liu, Mark H.; … - In: Journal of banking & finance 34 (2010) 4, pp. 813-824

Persistent link: https://www.econbiz.de/10003966114

Executive Compensation, Hubris, Corporate Governance : Impact on Managerial Risk Taking and Value Creation in UK High-Tech and Low-Tech Acquisitions

Gao, Lin - 2014

While the traditional agency model assumes managerial risk aversion and under-investment in high tech opportunities, the behavioural agency model allows for risk seeking by managers leading possibly to over-risky investments. Corporate governance mechanisms can correct both under- and over-risky...

Persistent link: https://www.econbiz.de/10012710065

How Managerial Ownership and the Market for Corporate Control Can Improve Investment Timing

Guthrie, Graeme A. - 2020

empire-building CEOs. The prospect of a future takeover means that CEOs with no ownership stake will over-invest in some …'s position in a hostile takeover induce raiders to launch friendly takeovers sooner. The increased takeover threat induces CEOs … takeover gains are high. Optimal ownership-generated incentives and the market for corporate control add more value after …

Persistent link: https://www.econbiz.de/10012835406

What Actually Causes Management to Resist a Takeover Bid : Managerial Entrenchment or Price Improvement?

Carline, Nicholas F. - 2019

Using instrumental variables, we find that having more antitakeover provisions is not only more likely to prevent a bid but also more likely to cause management resistance in the event of not doing so. The deterrent effect is likely to be decreasing in the cost to rival bidders of acquiring...

Persistent link: https://www.econbiz.de/10012864334

Takeovers and (Excess) CEO Compensation

Feito-Ruiz, Isabel - 2017

their own pay which could lead to excesses. We relate excess pay to how takeover decisions are received by the market, and … demonstrate that excess compensation negatively affects the acquirer's stock valuation at a takeover announcement. The market is …

Persistent link: https://www.econbiz.de/10012947336

Sustaining the Buyout Governance Model : Inside Secondary Management Buyout Boards

Jelic, Ranko - 2018

We examine the impact of private equity (PE) directors and their human capital on operating performance in a unique hand collected sample of 200 secondary management buyouts (SMBOs) during 2000-2015. We show that PE directors' human capital tends to play statistically and economically important...

Persistent link: https://www.econbiz.de/10012927568

The Market for Non-Executive Directors : Does Acquisition Performance Influence Future Board Seats?

Goergen, Marc - 2018

This paper investigates whether non-executive directors associated with good (bad) board decisions are subsequently rewarded (penalized) in the market for directors. This question is addressed by assessing whether the post-acquisition performance of acquiring companies influences the number of...

Persistent link: https://www.econbiz.de/10012929029

Information Conduit or Agency Cost : Top Management and Director Interlock between Acquirers and Targets

Wu, Qingqing - 2017

This paper investigates the role of top management and board interlocks between acquirers and targets. I hypothesize that an interlock may exacerbate agency problems due to conflicting interests and lead to value-decreasing acquisition. An interlock may also serve as a conduit of information and...

Persistent link: https://www.econbiz.de/10012975768

The Effects of Corporate Acquisitions on CEO Compensation and CEO Turnover of Family Firms

De Cesari, Amedeo - 2016

This paper investigates the impact of corporate acquisitions on CEO compensation and CEO turnover of family firms in Continental Europe. We find that CEOs in family firms do not experience an increase in their compensation during the post-acquisition period, while there is a positive and...

Persistent link: https://www.econbiz.de/10013005674

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