profitability and solvency. Using cross-sectional data covering over 25,000 firms worldwide and by employing various empirical …

-2007. These results can be used to improve the corporate governance compensation paid and profitability generated by the firms … respectively in the same industry as well. Thus compensation management is the solution to Principle Agent Problem in the Corporate …

Do pre-offer target stock price runups increase bidder takeover costs? We present model-based tests of this issue … assuming runups are caused by signals that inform investors about potential takeover synergies. Rational deal anticipation …

analysis of takeover rumors of publically traded US companies from 1990 to 2008 shows that these two types of rumors can be … statistically distinguished by returns of rumored takeover targets before rumor publication. However, market responses to the rumors …, takeover premiums of sampled targets cannot be explained by markup pricing hypothesis although the hypothesis is supported by …

Billett and Xue (2007) document that the ex ante (pre-repurchase) takeover probability has a positive and significant … takeover bids. We examine whether share buyback deters takeovers ex post, controlling for the ex ante takeover probability. We … find that, buying back shares is indeed effective in deterring the ex post takeover bids among the firms with high ex ante …

Based on prospect theory, we posit that security analysts' target prices function as a reference point for takeover … target prices for a takeover target and the chances for successful deal completion. High degrees of target price dispersion …