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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
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Accounting for Distress in Bank Mergers
Koetter, Michael - 2016
Persistent link: https://www.econbiz.de/10012989321
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CEO Home Bias and Corporate Acquisitions
Chung, Kiseo - 2018
CEOs are significantly more likely to purchase targets near their birth place, reflecting either beneficial informational advantages or inefficient managerial objectives. Evidence from bidder announcement returns supports the latter view. Acquirer returns are significantly lower for CEO home...
Persistent link: https://www.econbiz.de/10012936006
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Board Governance and Acquirers’ Returns : A Study of Australian Acquisitions
Emanuel, David M. - 2012
This paper examines the relation between acquirer (abnormal) returns and governance characteristics of the board of directors of the acquiring firm. The central question is: Are higher (acquirer) abnormal returns associated with ‘better' board governance, having controlled for other factors...
Persistent link: https://www.econbiz.de/10013111344
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Timing of Mergers and Acquisitions : Evidence from the Canadian Stock Market
Tebourbi, Imen - 2014
This paper provides evidence of merger timing induced by investors' overoptimism. We distinguish between hot and cold merger markets and examine the movements of bidding firms' stock prices, around, before and after mergers announcements. Our results provide strong evidence that mergers are...
Persistent link: https://www.econbiz.de/10013058028
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Impact of Canadian SOX from an Acquisition Perspective
Hossain, Ashrafee T - 2012
We examine the effects of Ontario Bill-198 (CSOX-2003), the strictest corporate law in Canada. Despite some drawbacks, we find the Act has added significant value contrary to many practitioners' beliefs. Using a large sample of Canadian tender offers between 1996 and 2009, we find that both...
Persistent link: https://www.econbiz.de/10013097479
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Manager Sentiment, Deal Characteristics, and Takeover Performance
An, Suwei - 2020
Literature has extensive discussions on the driving forces of takeover activities, including investor sentiment …, liquidity, and fundamental shocks. We examine how manager sentiment affects takeover characteristics and long-term performance … strong positive predictive power for takeover waves. Firms with high manager sentiment tend to acquire large and private …
Persistent link: https://www.econbiz.de/10012842770
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CEO Long-Term Incentive Pay in Mergers and Acquisitions
Beavers, Randy - 2017
This paper analyzes the CEO incentives of inside debt in the form of deferred equity compensation in the context of M&A decisions. This study runs statistical regressions on the likelihood of a merger, whether the deal is diversifying, how much stock is used to pay for the deal, and the relative...
Persistent link: https://www.econbiz.de/10012971517
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Large Wealth Creation in Mergers and Acquisitions
Fich, Eliezer M. - 2017
We examine completed M&A deals with large acquirer shareholder dollar wealth gains at announcement. We find that large-gain acquisitions are (i) typically “bolt-on” deals that are small relative to the acquirer's size; (ii) transaction-specific events (not firm- nor CEO-specific events);...
Persistent link: https://www.econbiz.de/10012975400
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Do Strong Boards and Trading in Their Own Firm's Stock Help CEOs Make Better Decisions? Evidence from Corporate Acquisitions by Overconfident CEOs
Kolasinski, Adam C. - 2017
Little evidence exists on whether boards help managers make better decisions. We provide evidence that strong and independent boards help overconfident CEOs avoid honest mistakes when they seek to acquire other companies. In addition, we find that once-overconfident CEOs make better acquisition...
Persistent link: https://www.econbiz.de/10012976636