for target shareholders because of the potential conflict of interest of the CEO, it is also possible that target … shareholders could benefit from CEO retention because it can increase the performance of the acquired firm and, consequently … harms shareholders in acquisitions involving private equity firms. In fact, we show that better performing target CEOs are …

behalf of the target shareholders. Our empirical evidence is not consistent with this belief. We find that, when a private … equity acquirer retains the target CEO, target shareholders receive an acquisition premium that is larger by as much as 18 … equity acquirers because, unlike public operating companies with managers in place, these acquirers have to find a CEO to run …

, managers of takeover targets can have incentives to defeat such offers. We examine whether the presence of independent outside … shareholders and managers when firms are targets of tender offer bids …Authors' description of their article: Whereas the gains to target shareholders are usually large in tender offers …

I analyze the allocation of the power to decide on hostile takeovers between directors and shareholders. My … contribution is to show who actually has power in a takeover and what factors are at work to give such power. Although directors … are traditionally considered to be in charge in deciding the outcome of a hostile takeover of a Delaware corporation …

proposal. The proposal provides for a nonbinding referendum amongst all employees whenever the corporation's shareholders must … of the referendum is to provide employees with a voice in the transaction and to provide shareholders with a mechanism … tool for shareholders and employees to use in policing management's transactions. Given the flaws in the market for …

. This paper develop a model suggesting that employee ownership policy reveals management quality. Good managers would use … employee ownership as a reward management tool whereas bad managers would implement it for entrenchment motives. We bring about … three main conclusions: (i) Bad managers use employee ownership as an entrenchment mechanism. (ii) This latter phenomenon …