effects of first-order importance: they earn 1% higher merger announcement returns. Conversely, their targets get a lower … share of the merger gains. Acquisitions by supply chain CEOs also exhibit higher synergies, better post-deal accounting …

when merger bonuses are present in deals where targets exhibit high pre-takeover abnormal accruals or are subject to SEC …Do merger bonuses to target CEOs facilitate a wealth transfer from target to acquirer shareholders? We test this … generate small synergies. When target CEOs get a merger bonus, acquirers pay lower premiums, but they also typically get less …