Bargeron, Leonce L.; Schlingermann, Frederik P.; Stulz, … - Charles A. Dice Center for Research in Financial … - 2010
CEOs have a conflict of interest when their company is the target of an acquisition attempt: They can bargain for private benefits, such as retention by the acquirer, rather than for a higher premium to be paid to their shareholders. We find that target CEO retention by the bidder does not...