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Mergers and Acquisitions : CEO Duality, Operating Performance and Stock Returns
Pham, Nga - 2014
The paper provides evidence, in an emerging market context in the Pacific Basin, that the CEO duality leadership structure of a firm does impact the strategic decisions made by the firm. Specifically, firms that are run by CEO duality structure are perceived by the capital market to be better...
Persistent link: https://www.econbiz.de/10013059716
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Founder CEOs and Acquirer Returns : Evidence from IPO Firms
Lee, Joon Mahn - 2016
Drawing from the literature on entrepreneurial overconfidence and M&As, we argue that founder CEO-managed firms perform worse than professional CEO-managed firms when they participate in M&A transactions. We test our predictions using a sample of acquisitions by newly listed US public firms from...
Persistent link: https://www.econbiz.de/10012999723
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Is Non-Executive Directors' Pay or Industry Expertise Related to Takeover Premiums, Abnormal Returns and Offer Price Revisions?
Bugeja, Martin - 2017
We examine the association between various takeover outcomes and bidding firm non-executive directors' (NEDs … find that NEDs' relative compensation is positively associated with the bidding firm's market reaction to the takeover …
Persistent link: https://www.econbiz.de/10012949238
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How do CEOs Matter? The Effect of Industry Expertise on Acquisition Returns
Custodio, Claudia - 2013
This paper shows how chief executive officer (CEO) characteristics affect the performance of acquirers in diversifying takeovers. When the acquirer's CEO has previous experience in the target industry, the acquirer's abnormal announcement returns are between 1.2 and 2.0 percentage points larger...
Persistent link: https://www.econbiz.de/10013094468
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Pension Return Assumptions and Shareholder-Employee Risk-Shifting
Goto, Shingo; Yanase, Noriyoshi - 2021
Firm managers of defined-benefit (DB) pension plan sponsors reveal their primary motives — risk-shifting or risk …-management — through their assumed expected rates of return (ERRs) on the plan assets. Managers with risk-shifting motives choose high ERRs …
Persistent link: https://www.econbiz.de/10013216945
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It's the market power, stupid! : stock return patterns in international bank M&A
Hankir, Yassin; Rauch, Christian; Umber, Marc - 2009
of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M …
Persistent link: https://www.econbiz.de/10003893085
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Mergers and acquisitions (M&AS) by R&D intensive firms
Dutta, Shantanu; Kumar, Vinod - In: Journal of risk and financial management : JRFM 2 (2009) 1, pp. 1-37
In this study, we evaluate the impact of R&D intensity on acquiring firms’ abnormal returns by examining 925 Canadian completed deals between 1993 and 2002 that have information on R&D expenditures. While examining the returns to acquiring firm shareholders in the R&D intensive firms we...
Persistent link: https://www.econbiz.de/10011556072
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The Effect of Stock Misvaluation and Investment Opportunities on the Method of Payment in Mergers
Di Giuli, Alberta - 2012
managers believe in the quality of the merger and care about the long-term value of the merged entity's shares (as predicted by …
Persistent link: https://www.econbiz.de/10013115271
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Impact of Mergers and Acquisitions on Returns to Shareholders of Acquiring Firms : Indian Economy in Perspective
Rani, Neelam - 2012
The paper examines the returns to shareholders of acquiring companies in India during the period 2003-08. The abnormal returns due to the announcement of mergers and acquisitions (M&A) and return on equity funds five years before and after M&A have been examined. The study also performs a...
Persistent link: https://www.econbiz.de/10013099698
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Takeover Vulnerability and the Behavior of Short-Term Stock Returns
Chae, Joon - 2013
This paper proposes and tests the hypothesis that takeover vulnerability contributes to short-term price reversal by … motivating investors to trade speculatively and also by making investors demand immediacy in their trades. That is, takeover … several different measures of takeover vulnerability, we find that takeover vulnerability is positively related to price …
Persistent link: https://www.econbiz.de/10013083343