"This paper examines the evolution of merger Programs, that is, repeated acquisitions by the same firm. Most … acquisitions are made by firms with merger programs. Acquisitions that are part of programs are different from one-off acquisitions … from program acquisitions than after internal growth or growth from one-off acquisitions. During a merger program, the …

Using a sample of US bank mergers from 1995 to 2012, we observe that the pre-post merger changes in CEO bonus are … corporate governance but are positively correlated with pre-post merger changes in the M/B ratio of the bidding banks, in line …

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 …