information about suitable merger targets and to manage the merged corporation in case of an acquisition. Our results show that … obtain high-powered incentives and, hence, a high personal income at the merger-management stage. …

information about suitable merger targets and to manage the merged corporation in case of an acquisition. Our results show that … obtain high-powered incentives and, hence, a high personal income at the merger-management stage. We derive conditions under …

the 1980s. Offsetting this increase, the average bidder-specific component has declined. We propose a theory of bidder …-specific synergies to help interpret these opposing trends. In our theory and in the data, acquirer returns increase with the extent to … consistent with rising merger synergies that have become less bidder-specific …

correlates within industries and across industries and assume that managers have private information regarding their own firm and …

It is commonly perceived that firms do not want to be outsiders to a merger between competitor firms. We instead argue … that it is beneficial to be a non-merging rival firm to a large horizontal merger. Using a sample of mergers with expert … merger announcement date. Further, we find that the stock reaction of rivals to merger events is not sensitive to merger …

("asset incentives"). This is because leverage, while central to the theory of risk shifting, is not explicitly considered by …

skewed; each year, a sizeable fraction of chief executives lose money; the use of security grants has increased over time … time, measured as percentage changes in wealth, they have not changed in any appreciable way. -- CEO ; Pay …