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The Impact of Mergers and Acquisitions on Executive Pay in the United Kingdom

Guest, Paul M. - 2012

We examine the impact of acquisitions by UK acquirers on executive pay. The overall sample shows a significant transitory pay increase. Pay changes are not affected by target nationality or organizational form, although initial cross-border acquisitions result in higher pay. Pay increases are...

Persistent link: https://www.econbiz.de/10013103147

Board Share Ownership and Takeover Performance

Cosh, Andy - 2012

We investigate the relation between takeover performance and board share ownership in the acquiring company for a … on takeover outcomes including: the means of payment; acquirer size and market to book value; the relative size of the … acquirer and the target; the nature of the bid in terms of hostility and industrial direction; and the pre-takeover performance …

Persistent link: https://www.econbiz.de/10013103238

Examining Data Points in Minority Buy-Outs : A Practitioners' Report

Jain, Suneela - 2012

The authors reviewed controlling stockholder/minority buyout transactions announced between January 1, 2006 and December 31, 2010, in which the controlling stockholder held more than 40% of the target company at the commencement of the transaction, the value paid for the minority stake was in...

Persistent link: https://www.econbiz.de/10013107091

Takeover Defenses and Corporate Governance

Barik, Nikhilesh - 2012

Takeover can be formally defined as ‘acquisition of a certain block of equity capital or controlling interest in a … two types a hostile takeover in the former case and a friendly takeover in the latter. When the takeover takes place in a … discourage the acquirer from taking over the target company; these measures are called takeover defenses.Through this paper I …

Persistent link: https://www.econbiz.de/10013107680

Director Gender and Mergers and Acquisitions

Levi, Maurice D. - 2013

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using...

Persistent link: https://www.econbiz.de/10013091054

CEOs’ Military Experience, Agency Costs and Acquisition Decisions

Lin, Chen - 2013

We examine the effect of a CEO's military service on merger and acquisition decisions and outcomes. We find that acquirers led by CEOs with military backgrounds earn significantly higher abnormal stock returns at deal announcement, and these deals exhibit higher short-run and long-run synergies....

Persistent link: https://www.econbiz.de/10013092373

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

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

Corporate Control Activism

Corum, Adrian Aycan - 2018

This paper studies the role of activist investors in the M&A market. Our theory proposes that activist investors have an inherent advantage relative to bidders in pressuring entrenched incumbents to sell. As counterparties to the acquisition, bidders have a fundamental conflict of interests with...

Persistent link: https://www.econbiz.de/10012937295

Venture Capital Investments and Merger and Acquisition Activity Around the World

Phillips, Gordon M. - 2017

engage in more deals. We also explore the effects of country-level pro-takeover legislation passed internationally (positive … post-law changes in VC activity. VC activity intensifies after enactment of country-level takeover friendly legislation and …

Persistent link: https://www.econbiz.de/10012941971