We examine the association between various takeover outcomes and bidding firm non-executive directors' (NEDs) compensation and expertise in the target firm industry. In our sample of 272 acquisitions by ASX listed firms between 2004 and 2011, we find that NEDs' relative compensation and industry...

This paper develops a new empirical measure of market expectations of future earnings, referred to as ‘market implied earnings’ by reverse engineering the Residual Income Valuation Model based on actual share prices. Since share prices reflect all information available to investors, market...