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The Impact of Mergers and Acquisitions on Executive Pay in the United Kingdom

Guest, Paul M. - 2012

We examine the impact of acquisitions by UK acquirers on executive pay. The overall sample shows a significant transitory pay increase. Pay changes are not affected by target nationality or organizational form, although initial cross-border acquisitions result in higher pay. Pay increases are...

Persistent link: https://www.econbiz.de/10013103147

Executive compensation and the susceptibility of firms to hostile takeovers. An empirical investigation of the U.S. oil industry

Nowak, Eric; Haid, Michael H. - 1999

takeover imposed by the market for corporate control. We complement other empirical studies on managerial compensation and … consists of 51 firms in the U.S. oil industry from 1977 to 1994. Third, we employ ex ante measures of the threat of takeover at … the individual firm level which are superior to ex post measures like actual takeover occurrence or past incidence of …

Persistent link: https://www.econbiz.de/10010316286

Ownership Structure and Debt Leverage : Empirical Test of a Trade-Off Hypothesis On French Firms

de La Bruslerie, Hubert - 2015

Debt may help to manage type II corporate agency conflicts because it is easier for controlling shareholders to modify the leverage ratio than to modify their share of capital. A sample of 112 firms listed on the French stock market over the period 1998-2009 is empirically tested. It supports an...

Persistent link: https://www.econbiz.de/10013036810

Which Institutional Investors Matter for Firm Survival and Performance?

Smith, Janet Kiholm - 2013

We assess the diverse roles of institutional investors in impacting survival and performance of chronically underperforming firms and contrast the results for consistently overperforming firms. We find material differences in institutional investor roles between these two samples....

Persistent link: https://www.econbiz.de/10013089768

The Long-Term Consequences of Short-Term Incentives

Edmans, Alex; Fang, Vivian W.; Huang, Allen - 2022

This paper studies the long-term consequences of actions induced by vesting equity, a measure of short-term incentives. Vesting equity is positively associated with the probability of a firm repurchasing shares, the amount of shares repurchased, and the probability of the firm announcing a...

Persistent link: https://www.econbiz.de/10014235528

A New Method for Measuring CEO Overconfidence : Evidence from Acquisitions

Ismail, Ahmad; Mavis, Christos P. - 2022

find that synergies forecast error is positively related to takeover premium and negatively related to acquirer returns …

Persistent link: https://www.econbiz.de/10013324302

Managerial Ability and Intangible Assets : Evidence From Purchase Price Allocations in Mergers and Acquisitions

Kwon, Shin Hyoung - 2020

We examine the relationship between managerial ability and recognized intangible assets, including goodwill and other assets acquired in mergers and acquisitions (M&As). We find that managerial ability is positively associated with the amount of intangible assets acquired in M&As. Furthermore,...

Persistent link: https://www.econbiz.de/10012849285

The Long-Term Consequences of Short-Term Incentives

Edmans, Alex - 2020

This paper studies the long-term consequences of actions induced by vesting equity, a measure of short-term concerns. Vesting equity is positively associated with the probability of a firm repurchasing shares, the amount of shares repurchased, and the probability of the firm announcing a merger...

Persistent link: https://www.econbiz.de/10012853747

Merger Waves, Pseudo Market Timing and Post-Merger Performance

Esmer, Burcu - 2016

Do managers time the market when they make merger decisions? Merger and acquisition waves seem to correspond with … hypothesis to explain abnormal performance following events even when managers cannot time the market. I find that acquiring … calendar time. Simulations reveal that even when ex ante expected abnormal returns are zero (i.e. managers have no market …

Persistent link: https://www.econbiz.de/10013008783

Serial Acquirer Bidding : An Empirical Test of the Learning Hypothesis

Aktas, Nihat - 2010

Recent academic studies indicate that acquirers' cumulative abnormal returns (CAR) decline from deal to deal in acquisitions programs. Does this pattern suggest hubristic CEO behaviors are significant enough to influence average CAR patterns during acquisitions programs? An alternative...

Persistent link: https://www.econbiz.de/10013150703