Custódio, Cláudia; Metzger, Daniel - In: Review of Financial Studies 26 (2013) 8, pp. 2008-2047
This paper shows how chief executive officer (CEO) characteristics affect the performance of acquirers in diversifying takeovers. When the acquirer's CEO has previous experience in the target industry, the acquirer's abnormal announcement returns are between 1.2 and 2.0 percentage points larger...