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Outside Investor Access to Top Management : Market Monitoring vs. Stock Price Manipulation

Schroth, Josef - 2020

This paper studies the role of voluntary disclosure in crowding out independent research about firm value. In the model, when inside firm owners make it easier for outside investors to obtain inexpensive biased information from the manager, then investors rely less on costly unbiased research....

Persistent link: https://www.econbiz.de/10012826268

Governance, CEO Power, and Acquisitions

Oler, Derek; Olson, Bradley; Skousen, Christopher J. - 2009

We examine whether governance matters for acquisitions. Acquisitions are frequently beneficial to the CEO of the acquiring firm, but can often be value-destructive to acquirer shareholders and other stakeholders such as employees. We find that corporate governance does not appear to influence...

Persistent link: https://www.econbiz.de/10014049776

CEO Characteristics and Earnings Management : Evidence from Mergers and Acquisitions

Nguyen, Thai Quoc - 2018

Previous research suggests that share-financed acquirers inflate their earnings before merger and acquisition announcements. The existing literature also indicates that characteristics of chief executive officers (CEO) could affect earnings management. In this study, we extend prior studies by...

Persistent link: https://www.econbiz.de/10012930222

Director Networks and Takeovers

Renneboog, Luc - 2013

We study the impact of corporate networks on the takeover process. We find that better connected companies are more … active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover … invited to the board of the combined firm in connected M&As. While connections have a clear impact on the takeover strategy …

Persistent link: https://www.econbiz.de/10013074605

Director Networks and Takeovers

Renneboog, Luc - 2013

Persistent link: https://www.econbiz.de/10013075936

Industry Experience of Board CEO, and Acquisition Performance

Bhattacharya, Debarati - 2019

This study examines the collective impact of expert boards and CEOs on acquisition performance, providing new insight into the CEO-board relationship. Acquiring firms with expert boards earn an additional 1.16 percentage points when their CEOs are new to the target industry compared to firms...

Persistent link: https://www.econbiz.de/10012871246

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

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

Shareholder democracy in play : career consequences of proxy contests

Fos, Vyacheslav; Tsoutsoura, Margarita - In: Journal of financial economics 114 (2014) 2, pp. 316-340

Persistent link: https://www.econbiz.de/10010532253

CEO compensation contagion : evidence from an exogenous shock

Bereskin, Frederick L.; Cicero, David C. - In: Journal of financial economics 107 (2013) 2, pp. 477-493

Persistent link: https://www.econbiz.de/10009719714

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